Our partners Roberto Panucci and Tiago Severo Gomes commented to BP Money and WB3News on CVM Resolution 249, published on October 14. The rule establishes the CVM DLT Pilot Program: 60 days of testing, extendable for another 30, covering the issuance, offering, trading, custody and settlement of securities on distributed ledger networks, without investors, money or real assets.
The two readings converge on one point: the pilot is a relevant step, but what will shape tokenization in Brazil is the legal design, not the technology.
In practice:
• A laboratory with its own rules. For Roberto, “a Resolução CVM 249 cria um laboratório regulatório com regras próprias” [CVM Resolution 249 creates a regulatory laboratory with its own rules]: within the test networks, the CVM waives the rules on public offerings, bookkeeping, custody, central depository, organized markets and intermediation. “É a primeira vez que a CVM coloca formalmente em teste a separação de funções que hoje estrutura o mercado brasileiro.” [It is the first time the CVM has formally put to the test the separation of functions that structures the Brazilian market today.]
• The challenge is legal. For Tiago, “o principal desafio não é tecnológico, mas jurídico e regulatório” [the main challenge is not technological but legal and regulatory]. The digital representation of an asset “não resolve, por si só, questões relacionadas à titularidade dos direitos, à finalidade da liquidação, à responsabilidade dos intermediários ou à proteção dos investidores” [does not, by itself, resolve issues of ownership of rights, settlement finality, intermediary liability or investor protection].
• Technology is not a regulatory shortcut. “Não existe ‘tokenizadora registrada’. A CVM não registra tecnologia, ela regula atividades” [There is no such thing as a ‘registered tokenizer’. The CVM does not register technology; it regulates activities], notes Roberto.
• The upside is in credit; the risk is in the underlying asset. “O maior potencial está no crédito privado: debêntures, certificados de recebíveis e cotas de fundos.” [The greatest potential lies in private credit: debentures, receivables certificates and fund shares.] But “a rede garante o registro e a transferência do token, mas não garante que o recebível existe” [the network guarantees the registration and transfer of the token, but not that the receivable exists].
As Roberto sums up: “A tokenização não muda a natureza jurídica do ativo.” [Tokenization does not change the legal nature of the asset.] The model that will scale is the one that uses technology to make the regulated structure more efficient, not to circumvent it.
Full articles:
• BP Money, by Carolina Alves: https://lnkd.in/d56mUGKB
• WB3News, by Caio Jobim: https://lnkd.in/dyfiK7nR
