As cryptocurrency adoption advances, many regulatory bodies face the struggle of how best to utilize the manpower available for market supervision.
The Brazilian division of the SEC, known as CVM, noted on November 1st that is likely to commence the creation of a digital currency-based supervisory unit that will take control of market actions.
CVM chair Joao Pedro Nascimento noted that there has been a shortage of workers in the commission, leading to reduced attention being paid to the dominating cryptocurrency market.
According to Nascimento, there have been discussions to recruit more staff in 2023, that would make up the new unit focused on the digital asset market.
He further noted his anticipation to have an early discussion with the managerial unit of the newly elected President Luis Inacio Lula Da Silva on matters still under discussion with the existing governing administration.
While the national commission seems to be quite inactive when it comes to digital currency-related regulation, the recent administration of the CVM always has a lot to contribute to these crypto issues.
The recent CVM administration had pushed for the modification of the digital currency ruling that was to be consented to by the nation’s congress before the October 30th election took place.
On October 13th, the new administration of the CVM sent out a paper containing the method of spotting tokens that qualify as securities in the nation’s market.