A self-regulation code has recently been signed by the crypto-related firms in Brazil to regulate and improve the adoption of crypto assets, <a href="https://www.criptonoticias.com/gobierno/regulacion/empresas-criptomonedas-brasil-autoregularan-crecer-mercado-bitcoin/" target="_blank" rel="noopener">reported</a> a regional media of the country.

The report further stated that the Brazilian firms would be adding certain measures to prevent crime and money laundering activities on their platform.
<h2>Companies Signed Agreement</h2>
Some of the most popular cryptocurrency firms in Brazil like Foxbit, Ripio, Bitcoin Market and Novadax has signed this code under the guidance of the country’s association of crypto companies Abcripto.

Regarding this code, Abcripto has stated, “These exchange platforms account for up to 80% of the volume of cryptocurrency transactions in Brazil.”

As per the report, the crypto-related companies signed the code in front of the whole world, as it was being broadcasted live. 

Further, it has been mentioned that the code signed by the companies would be recorded on a blockchain-based private platform. Notably, this platform will be developed by a Jamaica-based tech company, Grothtech.

The company, which is supported by the services of the IBM cloud, generates distributed ledger solutions to the notarial and real estate market.
<h2>New Operational Practices For Abcripto Members</h2>
According to the reports, the new agreement will set up some operational practices and compliance standards for the members Abcripto, so that they follow it.

While talking about the agreement, the executive director of Abcripto Safiri Felix has stated the new code is an important step as it would help the companies to grow fastly in the market. 

Felix further has claimed that for the past three years, the crypto market in Brazil is increasing by double-digit figures.

Additionally, he notified that the agreement would protect the users from any kind of illegal activity. 

The members of Abcripto has started an initiative against the negative perceptions of people for the cryptocurrency in Brazil.

The companies complied with the agreement would have to complete their know-your-customer (KYC) in order to align the crypto market of the country with global standards.
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Brazilian Crypto Market Eyes $100-Billion With Self-Regulation

A self-regulation code has recently been signed by the crypto-related firms in Brazil to regulate and improve the adoption of crypto assets.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Brazilian Crypto Market Eyes $100-Billion With Self-Regulation

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