Prosecutor's Office will evaluate the regulation of cryptocurrencies in Brazil

The Public Ministry of the Federal District and Territories (MPDFT) created a working group to assess the technological evolution related to cryptoactives and their impacts in the legal sphere, in addition to monitoring studies about the possible creation of a Brazilian cryptocurrency.

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Workgroups are processes in which public bodies of the Brazil create teams to create and focus action plans in specific areas. In May of this year, for example, a working group was created by the House of Representatives’ Commission on Social Security and Family to monitor the vaccination against covid-19 in the country.

The new working group created by the MPDFT is composed of attorneys and prosecutors and specialists in the areas of Data Protection, Consumer Law, Technology of Information, Institutional Security, among others.

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The MPDFT initiative is a pioneer in Brazil, and is created with the objective of following the standardization process of cryptocurrencies in the National Congress, in addition to coordinating with public and private entities the improvement of the Ministry’s knowledge base on the subject. Finally, the initiative also seeks to provide training opportunities on the subject not only for members of the ministry or workgroup, but also for society in general.

“It is not new that the topic is a reason for attention by MPDFT, but now the monitoring of the evolution of cryptoactives will be carried out in a systematic, integrated and multidisciplinary manner”, declared Frederico Meinberg, Public Prosecutor of the Federal District and Territories Public Ministry.

MPDFT history with data 2019

In 2018 MPDFT founded the Special Data Protection and Artificial Intelligence Unit (Espec), the first national initiative dedicated exclusively to the protection of personal data and privacy of the Brazilian population.

Also in 2018, the MPDFT obtained the conviction of 10 people for crimes against the popular economy, concealment of assets, ideological falsehood and criminal organization ow. The accused were carrying out an “investment coup” in which they promised profits of 1% a day with the virtual currency Kriptacoin for investors.

More recently, on 2019, Espec filed a public civil action for collective pain and suffering against Atlas Quantum, a financial company that was in the cryptoactives market. According to the lawsuit, there was a lack of care by Atlas in protecting the personal information of citizens who trusted the company’s security policy. The MPDFT asks the companies of the economic group to be sentenced to pay R$ million for the leakage of data of more than 260 thousand customers.

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