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CVM Says It Tested the Integration of Decentralized Exchanges into Crowdfunding

Antônio Berwanger Discusses Studies on Tokenization and Crowdfunding Conducted by the CVM

Antônio Berwanger, superintendent at the Brazilian Securities and Exchange Commission (CVM), said the agency tested the participation of decentralized crypto-asset exchanges in the secondary market for assets issued through crowdfunding.

“We introduced the possibility for issuers to buy back their own securities, opened up opportunities for a broader market, and tested an integration agent and a decentralized exchange performing this role. These are all matters we tested operationally, and the tests were successful,” he said during a panel at Token Summit Brasil.

Berwanger also highlighted the importance of CVM Resolution 88, which now covers tokenized asset offerings to retail investors, being technology-agnostic.

“Resolution 88 waives many requirements and, in doing so, becomes a permanent laboratory. It waives the need for a depository, custodian, and structurer. Tokenization has found a suitable home in Resolution 88,” he argued.

Technology-Agnostic Regulation

According to the superintendent, although the volume of offerings under CVM Resolution 88 has surged since tokenization began to be conducted under the rule, the agency avoided mentioning blockchain in its proposed revision of the resolution.

He noted that the proposed amendments include other provisions, such as eliminating the R$40 million revenue cap for companies eligible to issue debt securities through crowdfunding.

“It is essentially a public offering regulation. Securitization companies will now be allowed to operate under Resolution 88, and we want to provide investor protection, rules of conduct, and an internal governance structure.”