O novo mercado de capitais crypto: estratégias regulatórias para a transformação digital na oferta, negociação, liquidação e custódia de valores mobiliários

• Ano de defesa: 2023
• Autor(a) principal: Costa, Rafael Viana de Figueiredo
• Orientador(a): Ragazzo, Carlos Emmanuel Joppert
• Tipo de documento: Dissertação
• Tipo de acesso: Acesso aberto
• Idioma: por
• Palavras-chave em Português: Direito regulatório; Mercado financeiro; Investimentos; Finanças descentralizadas; Ativos virtuais; Órgãos reguladores
• Palavras-chave em Inglês: Regulatory Law; Investments; Decentralized finance; Cryptoassets; Regulatory agencies; Financial market regulation
• Link de acesso: https://hdl.handle.net/10438/33280

This study begins with the assumption there exists a growing intersection between traditional capital markets and digital assets markets. It will be shown that this intersection occurs on two fronts: an endogenous one, which starts from within traditional capital markets, driven mainly by the public offering of collective investment vehicles with exposure to such assets, as well as by projects approved in the scope of the CVM's regulatory sandbox program, and another outside the traditional securities markets. The work focuses mainly on this second front. It will be investigated whether new international capital markets are being formed using the technology of digital assets, that is, whether there is a market that allows the raising of funds from savers by borrowers in various undertakings, with the participation of intermediary agents (lato sensu), but which is not regulated or is regulated more loosely than the traditional capital markets (i.e., “crypto capital markets”). The object of the research is to assess whether the main justifications and strategies for regulating traditional capital markets, focusing on the Brazilian case, should be extended to crypto capital markets. The justifications mentioned above are, in summary: (i) the prevention of systemic risks and the objective of protecting popular savings; (ii) existence of market failures; and (iii) existence of conflicts of interest. Regulatory strategies, in turn, can be divided into: (i) macroprudential regulation; (ii) disclosure mandates; and (iii) standards of conduct and accountability centers. The study starts from the premise that the bovementioned regulatory strategies should be applied to participants in crypto capital markets. This would be confirmed if the justifications for regulating traditional capital markets were also present in crypto capital markets and if its participants effectively act analogously to those in the classic capital markets. As it will be demonstrated throughout the study, the alternative scenario – in which crypto capital markets remain unregulated or poorly regulated – could result in obvious opportunities for regulatory arbitrage. That would make potential advantages of crypto’s technology adoption in capital markets continuously overshadowed by the advantages achieved by the very absence of compliance costs with regulatory norms. Such norms, over almost a hundred years, have proved to be fundamental for the solidity of capital markets. Thus, in-depth research will be carried out on the justifications, strategies and the historical context of securities markets’ regulatory norms, as well as a mapping of the functioning of digital assets markets when understood as a form of connection between savers and takers. Based on the information collected, we will conclude whether greater access by investors to digital assets markets should be accompanied by regulatory strategies similar to those adopted in classic capital markets. It shall be detailed, in addition, what concrete rules could be incorporated into the legislation and/or CVM regulation.