The IBGE (Brazilian Institute of Geography and Statistics) updated its registration system and is now allowing cryptocurrency brokers operating in Brazil to register with a CNAE appropriate for the economic activity they perform.
The code is 6619-3 / 99 (Brokerage and custody of crypto assets), within the subclass “Other auxiliary activities of financial services not previously specified”. Also included in this CNAE (National Classification of Economic Activities) are companies such as exchange offices, financial investment advisory services and mortgage brokers, among others.
The creation of CNAE, an old claim of the crypto market in the country, was announced on April 24 and was scheduled to go into effect in May.
However, there was no forecast date for the IBGE system to include the new code – already present in the institute's records this Thursday (28).
The CNAE is a way of standardizing codes of economic activities across the country, as well as serving to facilitate the framing of a company.
Now companies can apply for a change, which should be quick if it is not necessary to change the social contract.
From improvisation to recognition
The absence of the CNAE was one of the pretexts used by the big banks for the unilateral closing of exchange accounts. It is worth remembering that an investigation is ongoing with the Administrative Council for Economic Defense (Cade) on the banks' alleged anti-competitive action against companies in the cryptocurrency sector.
The request for the creation of the CNAE was made by action 08/2019 of the National Strategy to Combat Corruption and Money Laundering (ENCCLA), an organ of the National Council of Justice (CNJ). He came after a meeting with representatives of the private sector who took the matter as a demand that would bring greater legal certainty to the sector.
The measure was captained by ABCripto, an entity that brings together companies in the sector. The entry into force of the CNAE is seen by a large part of market participants as an extremely important step in its regulation in Brazil.
Until then, without a specific code, exchanges were forced to improvise when registering with IBGE. Some adopted the code referring to the intermediation and agency of services and business in general, while others even used that of internet providers.
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This source of this article is portaldobitcoin.com.