Brazil doesn’t consider cryptocurrencies as assets

The Comissao de Valores Mobiliários (CVM) of Brazil, the body in charge of the stock market, prohibited the purchase of cryptocurrencies for investment funds registered in the country.

This decision is mainly due to the fact that digital currencies are not considered as financial assets.

“The technical area of the CVM informs the administrators and managers of investment funds that cryptocurrencies can not be classified as financial assets. For this reason, the direct acquisition of these virtual currencies by regulated investment funds is not allowed, “the statement said.

The authorities also mentioned the fact that digital transactions represent a risk and that a definitive assessment of a possible indirect investment in cryptocurrencies must be made.