Cryptocurrencies need to be easier to acquire, transfer and store in order to have a greater adoption by the retail market, whether for investment or for everyday use. In addition, the crypto market needs to be regulated, so that it provides legal certainty for companies and investors to operate in this segment.
The evaluation is from the experts who participated in the Digital Assets & Crypto Investment Funds panel during the Blockmaster Forum, of Digitalks Digital Experience.
“I understand that the cryptocurrency environment will go through the same path of learning of the mobile phones. At first, it was hard for our grandparents to use. Today, they are all already familiar with the technology”, said Marcelo Sampaio of Hash Dex.
This learning goes through not only greater information about this market, but also the development of new solutions for different types of users. “Many people still use exchanges as custodians. But I see that the market is still going to evolve a lot, we’re just at the beginning”, said Rudá Pellini of Wise & Trust.
New solutions make it easier to use cryptocurrencies
Some of these solutions are already emerging in more mature markets, said Daniel Coquieri of Bitcointrade exchange. “In the United States, where market and regulation are more mature, traditional players are creating this kind of solution”, he said
Participants also endorsed the thesis that cryptoassets are excellent alternatives to diversify in a low-interest scenario across the planet. “Today we are living what we call fixed loss. And the pandemic accelerated that. Today it is only the lack of information that prevent most people from being inserted in the cryptocurrency environment. But this has been declining”, Coquieri said.
Crypto market should be regulated
The lack of comprehensive regulation has also been cited by debaters as an element that still drives people and businesses away from the crypto environment. “Today, companies use existing regulation to fit their activity in that environment, but you have to take a step further and have a regulation designed for this world”, affirmed Marcelo of Hash Dex.
In fact, the only instrument that regulates cryptocurrencies in Brazil are the normative instructions of the Internal Revenue Service. A bill paralized in the Congress also proposes a general regulation, but there is still no provision to be voted on. Although it has been debated with the market, the risk is that when the bill is passed – and if it is – it is too old to account for the advances in the sector.
Speaking next, Isac Costa of CVM said it is quite importante that companies and the State sit and negotiate the application of existing standards – and, if necessary, discuss their adaptation – to the cryptocurrency market.
“If we have legal certainty in this sector in Brazil, we have the potential to attract investment, without having to resort to countries like Estonia or Cyprus. But we also cannot have the fetish to believe norms change the reality. In many cases we can see how to adapt them to the existing reality. I have to treat unequal with inequality to the extent of their necessities”, he said.