Mestrado Profissional em Economia

Everyday new kinds of digital assets are created around the world, each of them for a specific purpose, under a specific set of rules. One of these kinds of assets is the security token. Their regulation in Brazil under the jurisdiction of the CVM is the object of this study, which aims to contribute to the discussion by (i) compiling a critical review of prominent works that tackle the matter of digital asset regulation under the scope of Law & Economics; (ii) discussing the definition of some of the terms used in recent regulation; (iii) providing an updated outline of what the digital asset regulatory framework looks like; and (iv) doing a game-theoretical exercise to understand how security tokens should be regulated by the CVM. Results suggest that digital asset prices, trading volume and market size are negatively affected by news of regulation in different jurisdictions, especially for security tokens; jurisdictions with inclusive political institutions tend to regulate the matter of digital assets more carefully, whereas jurisdiction with extractive political institutions tend to ban it or not regulate it; Brazilian regulators have started regulating the matter of digital assets service providers and the CVM has issued a guidance on how the matter of digital assets should be interpreted, particularly under its jurisdiction; there is a lack of unity on how the world defines digital assets and related terms, as well as on how different jurisdictions regulate the matter, which can cause confusion for investors, especially because of a general use of functional definitions; the CVM should consider giving an economic incentive to private investors to incentivize high compliance, and, in turn, passing soft regulation on the matter, which is being accomplished currently with the regulatory sandbox.

Mestrado Profissional em Economia

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