The Brazilian crypto exchange giants have joined together to launch a crypto association. The consortium’s purpose is to put the client at the forefront of important items to take care of.
Among the exchanges, we have identified BitcoinTrade, Mercado Bitcoin, Foxbit, and others. The Association was named Associação Brasileira de Criptoeconomia (ABCripto). Shortly after this was launched, a “rival” organization emerged on the crypto market, namely Associação Brasileira de Criptomoedas e Blockchain (ABCB).
According to Portal do Bitcoin, each organization has its own objectives and plans to implement different regulations. However, the ABCripto’s Vice President Natalia Garcia has revealed that these two associations could work together.
“I’m concerned an association does not have any relevant exchanges. Everybody on the market knew we were building an association and getting ready to talk to other players in the market.”, stated Garcia.
About the ABCripto’s goal
The Associação Brasileira de Criptoeconomia’s goal is to create an environment that will allow more crypto businesses to join and invest in the virtual network. It plans to obtain the recognition of digital coins as assets in Brazil.
For specialists, we want to mention that Natalia Garcia is looking for regulators that could give advice on potential regulation.
About the ABCB’s goal
On the other hand, the “rival” organization did not make public the way cryptocurrencies should be controlled in Brazil. According to the ABCB’s President, Fernando Furlan, the organization will “defend the cryptocurrency markets in Brazil, defend privacy and regulations that will not end innovation”.
The association plans to become a consultant for businesses that want to grow in the crypto industry.
“There is legal uncertainty. Depending on the purpose, it may be considered a means of payment or a financial asset“, stated Furlan.
As we mentioned above, there are great chances that these rivals will become business partners.