BCR Podcast #19: Isac Costa on Why Brazil Crypto Legislation May Not Pass this Year

Fala pessoal! Crypto legislation has been the predominant theme of the Brazil crypto scene this year. This bill was expected to be approved by Congress and signed into law earlier this summer, but it stalled amid disagreements over key provisions like reporting timeframes and asset segregation rules. TLDR is that with upcoming elections, the outlook for this bill passing this year is murky at best. While the proposed law itself is quite straightforward (it would create a baseline regulatory framework for crypto companies operating in Brazil), there a lot of complexities, nuances and power dynamics involved. To help us better understand the current state of play, I invited Isac Costa to join the show. Isac is a computer scientist, a former regulator with the Brazilian Securities and Exchange Commission (CVM) and a professor at Ibmec and Insper - two of Brazil's top business schools. He's also been keenly observing the development of legislation that would create a regulatory framework for cryptocurrencies and digital assets in Brazil. In this 90 minute conversation, Isac and I go deep into the details of this proposed legislation. We discuss:- history and background of crypto regulation in Brazil and previous attempts to legislate this matter- core objectives of this legislation and the various stakeholders involved in influencing its direction- tensions between local exchanges, overseas exchanges and tradfi institutions moving into crypto- the rulemaking process that will commence once legislation is signed - ie the fight will shift from the legislative to the regulatory front at the Central Bank and CVMIf you're closely tracking Brazil crypto legislative developments, I highly recommend following Isac on LinkedinPlease follow and subscribe to Brazil Crypto Report on Substack for more news, analysis and interviews examining the Brazil crypto ecosystem🔥 I hope to see some of you at the Blockchain Rio festival that’s happening September 1-4 in Rio de Janeiro; you can use the code BRAZILCRYPTOREPORT to get 10% off on your ticket. 🎉 Also be sure to check out the Ethereum São Paulo event which is how happening Sept 9-11. You can go to ethereumbrasil.com to learn more Get full access to Brazil Crypto Report at brazilcrypto.substack.com/subscribe