Brazilian crypto companies have signed a code of self-regulation that aims to legitimize and to boost adoption of crypto assets in the country. The document was signed under the auspices of Abcripto, the country’s association of cryptocurrency companies.
According to regional media reports, Brazilian firms that specialize in cryptocurrency custody services, brokerage services, and exchanges “will now have to incorporate measures to prevent crime and money laundering on their platforms.”
The country’s prominent cryptocurrency firms that signed the code include Foxbit, Ripio, Bitcoin Market, and Novadax. The association members say they are targetting a $100 billion cryptocurrency market by end of 2020.
According to Abcripto officials, who see the agreement as a significant milestone, “these exchange platforms account for up to 80% of the volume of cryptocurrency transactions in Brazil.”
The signing ceremony was broadcast live and the code will be “registered on a private platform based on blockchain created by Growthtech.” Growth…