No menu items!

Brazil Bans Funds From Negotiating in CryptoCurrencies

By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Due to the risks associated with cyber transactions, crypto-currencies such as the popular Bitcoin, will not be accepted as a financial asset by investment funds, Brazil’s Securities and Exchange Commission (CVM) said on Friday.

"The CVM's technical area informs investment fund managers that Crypto-Coins cannot be classified as financial assets,” said the statement issued to funds last week and signed by Institutional Investor Relations Superintendent Daniel Maeda. “For this reason, no direct acquisition of these virtual currencies is allowed by regulated investment funds,” concluded the note . . .

To read the full NEWS and much more, Subscribe to our Premium Membership Plan. Already Subscribed?

Check out our other content