Brazilian Securities and Exchange Commission: Encrypted investment platform needs to be approved by the municipality

Today, September 10, the Brazilian Securities and Exchange Commission (CVM) said that companies or individuals that raise funds from third parties for cryptocurrency investments need to be authorized by local municipalities. CVM added that although bitcoin and cryptocurrencies do not have a clear legal status in the country, cryptocurrency investments "can be understood as securities, and therefore require the advice of local authorities, even if the investment product is a cryptocurrency/cryptocurrency transaction pair.