Brazil’s securities regulator CVM has established a Tokenization Working Group to develop regulation for securities activities that use distributed ledger technology (DLT). The group must deliver a proposal for a regulatory sandbox to the CVM board within 60 days.
The order gives the working group an initial 120 day mandate, extendable by 30 days, signaling urgency from the regulator.
The working group will address the registration, deposit, custody, trading and settlement of securities on DLT infrastructure. It draws on 14 CVM organizational units and can include participants from government agencies, self regulatory organizations and market associations.
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