BRAZIL
Colombia
Ecuador
Brazil
Peru
Brasilia
Bolivia
Law and Practice Contributed by: Fabio Cendão, Heitor Maia, Eduardo Faria and Gabriel Lobato Faria, Cendão & Maia Advogados (FCM Law)
Rio de Janeiro São Paulo
Paraguay
Chile
Argentina
Contents 1. Overview of Blockchain and Crypto-Assets p.105 1.1 Blockchain p.105 1.2 Crypto-Assets p.107 2. Regulation p.109 2.1 Regulators and International Alignment p.109 2.2 Crypto-Asset Regulatory Frameworks p.109 2.3 Regulated Firms and Legal Wrappers p.110 2.4 Token Issuance p.110 2.5 Market Abuse p.111 2.6 Non-Compliance p.111 3. Licensing and Set-Up Requirements p.112
3.1 Licensing Requirements p.112 3.2 Set-Up Requirements p.112 3.3 Change of Control p.112 3.4 Passporting p.113 4. Cross-Border Services p.113 4.1 Marketing p.113 4.2 White Labelling p.114 5. Decentralised Finance p.114 5.1 Ability to Use DeFi p.114 5.2 DeFi Structures p.115 5.3 Liability p.115 6. Payments and Stablecoins p.116
6.1 Payments p.116 6.2 Stablecoins p.116 7. Tokenisation and Real-World Assets p.118 7.1 Treatment p.118
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