With an intention to defend the basic interests and rights of their customers and stakeholders the largest exchanges in Brazil joint forces to form a rival cryptocurrency Association.
The association, which was named “Associação Brasileira de Criptoeconomia (ABCripto)” recently discovered that other crypto-related companies have also joined forces to establish a rival association.
This opposing association is led by Fintech Atlas Project. According to reports from Portal do Bitcoin, the two establishments have contrasting views on probable regulations in the cryptocurrency industry, but they believe there is a need for them to work jointly.
Natalia Garcia, vice president of ABCripto revealed that she found out about their rival, ABCB, not long ago. ABCripto will reportedly begin working with the cryptocurrency exchanges within the country, along with other firms having vested interest in cryptocurrency and ancillary services, in a couple of weeks
According to the publication, she firmly stated (but roughly translated):
“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.”
ABCripto looks to form several categories, to provide easier access to many businesses which are related to cryptocurrency within the country. The association also getting ready to ratify the proper application of cryptocurrencies as legal, financial assets in Brazil.
Garcia in her statement revealed the association is currently “looking for regulators so they can tell us the best way to regulate.”
Meanwhile, ABCB is still silent on its position on how to regulate cryptocurrencies in the country.
According to Fernando Furlan, ABCB’s president, the association wants to “defend the cryptocurrency markets in Brazil, defend privacy, and regulations that won’t end innovation.”
ABCB has formulated itself to guide its partners via a set of principles, as well as offering some form of regulatory support. It is set to link regulators and authorities to crypto-related businesses.
About the regulations, Furlan said: “There is legal uncertainty. Depending on the purpose, it may be considered a means of payment or a financial asset.”
It was reported that ABCB started its development and has been “under construction” in October 2017. Barely a month before ABCripto was created. Both associations have revealed they could work together for the interest of Brazil.