{"id":1607,"date":"2024-07-22T15:19:37","date_gmt":"2024-07-22T18:19:37","guid":{"rendered":"https:\/\/ri.oliveiratrust.com.br\/?post_type=imprensa&p=1607"},"modified":"2024-09-27T09:39:04","modified_gmt":"2024-09-27T12:39:04","slug":"itau-laqus-ot-liqi-and-vbso-tokenize-commercial-banknotes-in-a-model-that-does-not-require-crowdfunding","status":"publish","type":"imprensa","link":"https:\/\/ri.oliveiratrust.com.br\/en\/imprensa\/itau-laqus-ot-liqi-and-vbso-tokenize-commercial-banknotes-in-a-model-that-does-not-require-crowdfunding\/","title":{"rendered":"Ita\u00fa, Laqus, OT, Liqi and VBSO tokenize commercial banknotes in a model that does not require crowdfunding*"},"content":{"rendered":"

Opera\u00e7\u00e3o em blockchain foi feita seguindo as regras e usando os mesmos intermedi\u00e1rios do mercado tradicional
\n<\/span><\/p>\n

Por Ricardo Bomfim<\/a>, Valor \u2014 S\u00e3o Paulo<\/span>
\n22\/07\/2024<\/span><\/span><\/span><\/p>\n

\"\"
\nO Ita\u00fa<\/a>, junto com Laqus, Liqi, Oliveira Trust e VBSO Advogados, tokenizou uma nota comercial de R$ 40 milh\u00f5es de uma companhia do setor el\u00e9trico seguindo o regramento de uma oferta p\u00fablica tradicional do tipo. Ou seja, as institui\u00e7\u00f5es n\u00e3o precisaram transformar a opera\u00e7\u00e3o em um investimento via crowdfunding, como o mercado tem feito desde que a Comiss\u00e3o de Valores Mobili\u00e1rios (CVM) publicou dois of\u00edcios sobre a maneira pela qual empresas podem ofertar produtos de investimento registrados em blockchain.<\/span><\/p>\n

Nessa tokeniza\u00e7\u00e3o, o Ita\u00fa BBA originou e estruturou o cr\u00e9dito com vencimento em cinco anos e meio, o Ita\u00fa foi o investidor, a Laqus atuou como deposit\u00e1ria central, a Liqi registrou o ativo em blockchain, a Oliveira Trust serviu de agente fiduci\u00e1rio, escriturador e banco liquidante e o VBSO fez a estrutura\u00e7\u00e3o jur\u00eddica. Al\u00e9m disso, o Monteiro Rusu Advogados atuou como assessor legal do emissor das notas comercias que foram tokenizadas.<\/span><\/p>\n

Rodrigo Amato, CEO da Laqus, afirma que a opera\u00e7\u00e3o foi importante para mostrar \u00e0 CVM e ao mercado que a tecnologia blockchain \u00e9 vi\u00e1vel como infraestrutura para ofertas p\u00fablicas de investimento mesmo para opera\u00e7\u00f5es de maior porte e que n\u00e3o contam com as restri\u00e7\u00f5es da regulamenta\u00e7\u00e3o para crowdfunding. Vale ressaltar que ofertas em crowdfunding t\u00eam um limite de capta\u00e7\u00e3o de R$ 15 milh\u00f5es, a empresa autorizada a captar por este m\u00e9todo precisa ter uma receita bruta anual de at\u00e9 R$ 40 milh\u00f5es e o investidor final pode aplicar um m\u00e1ximo de R$ 20 mil em cada oferta, restri\u00e7\u00f5es que n\u00e3o existem na norma tradicional, a da Resolu\u00e7\u00e3o CVM 160.<\/span><\/p>\n

Thiago de Gusm\u00e3o, gerente de estrutura\u00e7\u00e3o de produtos de investimento da Oliveira Trust, aponta que o caso serve como incentivo para que a CVM traga uma regulamenta\u00e7\u00e3o definitiva sobre o tema. \u201cO uso da blockchain para tudo facilita a comunica\u00e7\u00e3o e, do nosso lado, n\u00e3o ter que lidar com sistemas legados nos permitiu adapta\u00e7\u00e3o mais f\u00e1cil\u201d, destaca.<\/span><\/p>\n

Em geral, o benef\u00edcio apregoado para o uso da tokeniza\u00e7\u00e3o como formato para a venda de um produto de investimento \u00e9 o da redu\u00e7\u00e3o de intermedi\u00e1rios, na linha da filosofia por tr\u00e1s da cria\u00e7\u00e3o do bitcoin (BTC). Contudo, Gusm\u00e3o diz que s\u00f3 a mudan\u00e7a para um padr\u00e3o mais eficiente j\u00e1 \u00e9 positiva para o mercado.<\/span><\/p>\n

\u201cAl\u00e9m de entender que cumprir essa etapa, por si, j\u00e1 \u00e9 positivo, tamb\u00e9m \u00e9 catalisador para que outras opera\u00e7\u00f5es surjam dentro desta modelagem, porque h\u00e1 hist\u00f3rico do mesmo n\u00edvel de governan\u00e7a que as opera\u00e7\u00f5es tradicionais\u201d, argumenta.<\/span><\/p>\n

Para Daniel Coquieri, CEO da Liqi, o mais importante \u00e9 que todos os passos s\u00e3o comandados pelos contratos inteligentes da blockchain. \u201cAl\u00e9m de ser a primeira oferta p\u00fablica seguindo um token, \u00e9 uma oferta na qual programamos os eventos [como os pagamentos de juros e amortiza\u00e7\u00f5es semestrais e o c\u00e1lculo da taxa p\u00f3s fixada] da opera\u00e7\u00e3o dentro da blockchain\u201d, explica. \u201cToda a distribui\u00e7\u00e3o, c\u00e1lculos, regras e janela de pagamentos nos cinco anos foram programados na blockchain.\u201d<\/span>
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