CMVM aware of cryptoactives but awaiting European regulation

  • ECO News
  • 21 February 2022

The new chairman of CMVM considers important to regulate the cryptoactive market.

The Securities Market Commission (CMVM) says it is aware of the cryptoactive market but says it is waiting for European regulation before it can regulate the market. Without that, the most it can do is warn investors about the risks.

“Those who invest in these areas have to be aware of the risks they are taking, warning is something that is incumbent on us. In addition, we need European regulation,” said the president of the market regulator, Gabriel Bernardino, at the presentation of the strategy for 2022-2024.

More specifically, Bernardino said he is waiting for the so-called MiCA (market and crypto assets). “Our expectation is that soon there will be the approval and then will follow the implementation process that will last for some time,” he advanced.

According to the newly elected president of the CMVM, the adaptation to national law “may take a year or more for implementation”, as it also “depends on the political decision”.

For now, only the Bank of Portugal has some competencies related to crypto-activities, namely regarding money laundering and the registration of cryptocurrency platforms. The CMVM hopes that the MiCA will bring competencies to it.

From “what is provided for in the MiCA regulation, – there are market access materials, market platforms – and it makes more sense for the CMVM” to be the competent authority, Gabriel Bernardino said. “It is a competence that will have to be translated into legislation and it will be up to the government,” he said.