TMT 2025

BRAZIL LAW AND PRACTICE Contributed by: Ricardo Barretto Ferreira da Silva, Ingrid Bandeira Santos, Sylvia Werdmüller von Elgg Roberto and Isabella da Penha Lopes, Azevedo Sette Advogados

detailed information about products and ser - vices, respect the right to regret purchases and guarantee the security of online transactions. Compliance with the LGPD, to protect consum - ers’ personal data, is also crucial to strengthen - ing trust and avoiding sanctions. The resolution of consumer complaints in the digital economy is guided by various legal frame - works. In addition to the CDC, which establishes procedures for resolving conflicts and repairing damages, consumers can turn to consumer rights protection bodies, such as Procon, and to extrajudicial resolution platforms such as Consumidor.gov.br. The latter allows consumers to register complaints directly with companies, promoting the rapid resolution of disputes. This is without prejudice, of course, to the possibility of consumers taking legal action, as it is com - mon for these cases to be dealt with by courts of small claims. To effectively deal with consumer disputes, TMT companies must adopt best practices, such as creating agile service channels, training support teams and investing in technology to monitor and respond promptly to complaints. Mediation and conciliation are also valuable alternatives for avoiding lawsuits and maintaining customer satisfaction. 1.5 The Role of Blockchain in the Digital Economy In Brazil, there has been an evolution from scep - ticism to belief regarding cryptocurrency. This is demonstrated, for example, by the enactment of laws, the actions of regulators like the BCB and the Brazilian Securities and Exchange Commis - sion ( Comissão de Valores Mobiliários ; CVM) and a number of bills under discussion in Congress.

Cryptocurrencies are regulated mainly by Law No 14,478/2022 and by Decree No 11,563/2023, which attributed to the BCB competencies regarding virtual assets. It is expected that the BCB will be responsible for regulating the cryp - to market and for granting licences to financial institutions operating virtual currencies. The Federal Revenues Service ( Receita Federal do Brasil ; RFB) has enacted Normative Instruc - tion ( Instrução Normativa ; IN) No 1,888/2019, ruling on the taxation of cryptocurrency trans - actions. The RFB has also recently closed a public consultation on the NI that will establish “DeCripto”, a crypto-assets statement. The Brazilian Criminal Code, Law No 7,492/1986 and Law 9,613/1998 have been modified by Law No 14,478/2022, which covers the crime of fraud involving virtual assets and adds to the scope of the crime of money laundering by including the providers of virtual asset services. The AML legislation currently in place also applies to such transactions, even though it does not specifically address the matter. The BCB has issued some resolutions address - ing blockchain. The BCB and CVM have been applying regulatory sandboxes to projects involving blockchain technology, cryptocurrency, etc. The BCB has recently started a public con - sultation regarding a proposal for the regulation and authorisation of virtual asset services, which will be ongoing until at least February 2025. The Brazilian Association of Cryptoeconomics (ABCripto) launched a good practices manual in 2020, aimed at preventing money laundering and the financing of terrorism, specifically for Brazilian exchanges. ABCripto also introduced a Self-Regulation Code for companies engaged

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