Uniting and strengthening the crypto universe in Brazil is part of the efforts of hundreds of entrepreneurs. However, although the country is progressing positively in this regard, there are regulatory issues to be developed to form a more mature market with the attraction and retention of qualified labor.
This is the assessment of Bernardo Srur, CEO of the Brazilian Association of Cryptoeconomy (ABcripto). For him, small adjustments related to the definition of certain tokens, as well as the construction of legal interoperability, depend intimately on the contribution of developers and companies that operate within the blockchain universe.
In this interview with PanormaCrypto, the executive explains how the entity seeks to build a healthy economy, open to innovation and connected to the traditional financial market. Check it out.
- How and why was ABcripto created?
- Is there any kind of foreign inspiration within the entity’s operational model?
- What are the main demands of the cryptocurrency sector at the moment?
- How does ABcripto intend to contribute to the Brazilian regulatory process?
- How do you assess the ideal scenario for workers in this industry?
- Is there any type of training program promoted by ABcripto?
- What are the possible future impacts of cryptocurrencies within the mainstream economy?
How and why was ABcripto created?
ABcripto was founded in 2018, although it was conceived earlier. The goal has always been to unite the crypto sector. We are an initiative that answers the questions of companies and society about regulatory debates, which have been gaining strength since 2015. The entity was born integrated into this context, since the regulatory process does not occur quickly – and nor should it. Innovation needs to be discussed in depth, based on already consolidated rules and self-regulation practices.
Is there any kind of foreign inspiration within the entity’s operational model?
This is an interesting question. We don’t have inspiration in a specific country; we prefer to focus on actions that have worked in Brazil. Many companies have gone through this structuring process from the beginning and we have observed them closely. However, the Swiss self-regulation model works well in markets like ours. Brazil has a distinct regulatory model, which makes it difficult to implement certain international practices. However, our model works domestically, using financial institutions as one of the arms of the regulatory mechanism – exactly what we seek.
What are the main demands of the cryptocurrency sector at the moment?
Self-regulation is the primary demand due to its agility. It needs to address the most pressing issues in the market, such as money laundering, which is a frequent topic among entrepreneurs. Standardizing practices like tokenizing assets according to government regulations (whether it’s a public or private offering) is another priority. Resolving these issues ensures financial, systemic, and legal security for all participants. Additionally, reducing the public’s learning curve about cryptocurrencies is a significant challenge that we’re actively addressing.
How does ABcripto intend to contribute to the Brazilian regulatory process?
Avoiding polarized discussions is crucial. We need a positive environment where everyone can express their views freely, unlike the situation in the US. Brazil is undergoing a strong process of inclusion and democratization, part of a decades-long economic development. We actively participate in and study all relevant bills, engaging with our members to ensure we achieve the right objectives. For example, we successfully prevented the negative impacts of Circular Office 4, which could have harmed the market, through our partners’ intervention.
How do you assess the ideal scenario for workers in this industry?
This discussion is prevalent throughout Brazil, not just in the blockchain market. The employer-employee relationship has evolved significantly in recent years, and it’s a constant topic in our daily operations. The digital market has unique characteristics, such as remote work, which some executives may still be hesitant about, but many professionals in this sector have fully adapted. Our 2022 survey on cryptocurrency market jobs revealed over 10,000 direct employees, and this number likely has increased. The sector demands a workforce with a higher level of digital interaction compared to many others.
Is there any type of training program promoted by ABcripto?
Yes, we’re excited to announce that we’ll soon be launching a professional certification program focused on cryptoeconomics. This program aims to foster the hiring of qualified professionals and create a strong community where members can collaborate to enhance the technical expertise of the entire ecosystem.
What are the possible future impacts of cryptocurrencies within the mainstream economy?
We foresee a growing convergence between cryptoeconomics and the traditional capital market. This is evident in the tokenization of traditional assets, which makes financial products more accessible and efficient through blockchain technology. The cryptocurrency market also offers increased agility and security. Moreover, we’re witnessing the integration of Web 3.0 with other sectors, such as sports (as seen with Chiliz) and agriculture, where faster and more transparent transactions can bring significant benefits. In essence, the economy will become more streamlined, benefiting all stakeholders.
