CrossTech Magazine - 6th Edition August 2022

CrossTech THE MAGAZINE OF THE CROSS-BORDER PAYMENTS INDUSTRY

“Criptoativos” no Brasil

|AROUND THE GLOBE

Brazilian Tech Professionals A great opportunity for companies around the world |CRYPTO NEWS

The Importance of an Effective Training Program |TO KEEP IN MIND

Lauriney

Santos | Founder and COO Beeteller Group

3Q 2022

EDITOR’S LETTER

Priscilla D'Oliveira Friedman Priscilla comes with an extensive background in operations management, strategy, process improvement, consulting and training. She started her career in American Express where she led a variety of teams in the call center industry (executive customer care, dispute resolution network and social media response team).

EDITOR’S LETTER

EDITOR Hugo Cuevas-Mohr

Out of all the lines building the cross-border payments ecosystem,

CO-EDITOR Priscilla D’Oliveira Friedman

is Banking, Fintech, Remittances, or any other area, this is the lead everywhere.

WEB EDITOR Virginia Martínez

cryptocurrency and digitalization are on top of the game this year; whether it Brazil is the right example to understand the “How to” being ahead of the tendency and the proof that if it goes anywhere is only forward, not to mention that the financial changes implemented are giving excellent results, and the acceptance has been broad.

DIGITAL PRODUCT MANAGER Ana González

Taking this into consideration, it is a matter of time to see this model replicated

CREATIVE MANAGER Carolina Busnelli

and easier to access as the offer of products/services is becoming smarter

CONTACT US AT María Auxiliadora García help@crosstechpayments.com

The digitalization process facilitates a more sustainable way of creating

in other countries. Thus, an industry with a new vibrant face, more inclusive, with the tools and dynamics being born since 2020. strategies to get companies out there, being easily visible and promoting a more familiar environment within this sector. This, being in itself, a solution that opens doors to allow bonding and connections, a key factor to thrive as

The views and opinions expressed in this magazine are those of the authors and contributors and do not necessarily reflect the position of CrossTech, The Platinum Network or IMTC. The content here is for informational purposes only and should not be taken as investment, business, co mp lian ce, or le ga l ad vice. Co n ten t contained within this publication is not to be reproduced in whole or part without the prior written consent of the company. We welcome quotes of our articles by mentioning “CrossTech Magazine” or #crosstech and share the quote with us using our social media channels.

a part of it.

CrossTech has been promoting this ideal of getting closer for more than a decade, becoming a referent of a space where people and companies get to make long-lasting relationships that enhance each activity and keep shaping this field year after year.

Fostering a space where the financial revolutions start is satisfying but, most importantly, a must for us. Our commitment is to bring a new perspective to take the next big step, and we want to continue this talk for many years.

See you in November in Miami for our flagship event of the year CrossTech World 2022 Conference.

Enjoy!

© 2022 | ALL RIGHTS RESERVED

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COO, CrossTech 2

CONTENTS

NEXT ISSUE 2022 SEPTEMBER

SPONSOR OUR NEXT EDITION PRINTED EDITION FOR CROSSTECH WORLD 2022 ADVERTISING | COLLABORATIONS | OPINION LEADERS | BE IN OUR COVER

AROUND THE GLOBE “Criptoativos” no Brasil: uma realidade que não pode ser negada e que será regulada Page 6

CRYPTO NEWS Brazilian Tech Professionals are a great opportunity for companies around the world

Lauriney Santos Industry Leader Page 14

Page 10

TO KEEP IN MIND The Importance of an Effective Training Program

COLUMN OF OPINION The Foreign Exchange Market and New Brazilian Regulations

Page 12

Page 22

FINTEL INSIGHT Jogos de Azar no Brasil, Uma discussão tão urgente quanto adiada

GADGET CORNER Make your life easier getting the experiences you deserve.

Page 20

Page 24

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SPONSORS

29

HOTEL MAPS

30

AGENDA

32

SPEAKERS

34

TEAM

36

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CONTRIBUTORS

YOU ARE READING

Mitchell Souza, CCI - Keep in Mind

Marcio Estrela - Around the Globe

Mitchell has dedicated his career to seeking opportunities within the financial services industry. He has been an integral part of the company’s growth since its infancy and now focuses on product management. As a Certified Cryptocurrency Investigator (CCI), Mitchell has been instrumental in identifying compliance services for the crypto industry.

Economist, with an MBA in finance, more than 25 years of experience at the Central Bank of Brazil, from where he retired in July 2020, when he held, on the Collegiate Board, the role of Chief of Staff for Affairs International and Corporate Risk Management (Direx).

Vivian Portella - Inside Job

Bernardo Mota - President, IPLD

Graduated in Foreign Trade and Business Management with specialization in the areas of Governance and Compliance for Financial institutions. Current Director of the B&T Group, founder and executive of B&T Global, and founder and executive of Zrobank, working for more than 15 years in the Financial segment of international transfers.

Bernardo Antonio Machado Mota, is currently the President of the Brazilian Institute for the Prevention and Combat of Money Laundering and the Financing of Terrorism, he is also the General Director of Commerce of the AML Risco Reputacional. He is an expert in Public Policy and Government Management.

João Manuel - Column of opinion

João Manuel has been the COO at Travelex Bank since 2018, when he arrived at the institution. He studied Economic Sciences at PUCC Campinas, and has an MBA in Business Administration from Fundação Dom Cabral.

João has been the executive superintendent of operations at Banco Sofisa, deputy director of Banco Santander, executive superintendent of Banco Safra.

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AROUND THE GLOBE

“Criptoativos” no Brasil: uma realidade que não pode ser negada e que será regulada

Márcio Antônio ESTRELA , ex-BCB, é consultor em regulação cambial e f inanceira, Open Finance, Fintechs, Criptoativos e PLD/FT na “Starnet Estrela – Consultoria starnet.estrela.consultoria @gmail.com

& Treinamento em Regulação”.

O

OS CRIPTOATIVOS SÃO UMA REALIDADE s

criptoativos

a

descentralização,1 os criptoativos

digital

tiveram um grande crescimento

de valor transacionada

como alternativa de “reserva de

representação

eletronicamente de

criptografia

ser

utilizada

investimento,

são

por e

como

que

meio

valor” desde o “barateamento do

pode

dinheiro” que se seguiu à crise

forma

instrumento

de

financeira de 2008 (“Subprimes”).

de

transferência de valores ou acesso a serviços.

Dadas suas características potenciais de oferta finita e de

O fato de os criptoativos terem limitações em sua oferta, em contraste ao contexto global no qual os bancos centrais com os QE (“Quantitative Easing”) “inundaram o mundo de liquidez” com oferta quase

1. Muitos dos criptoativos são “opensource” e possuem modelo de governança distribuída onde qualquer minerador ou proprietário de um nó de rede pode participar dos BIPs – Bitcoin Improvement Proposal. As regras de valoração e emissão em geral não dependem dos governos – o lastro ou a garantia da gestão baseiam-se em consenso e aceitação de diretrizes claras de longo prazo que não são capazes de serem gerida via interferência interna ou externa, principalmente governamentais..

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6

infinita das principais moedas, fez crescer muito a utilização dos criptoativos.

câmbio e remessas, quando são usados

A característica “não governamental” e descentralizada dos criptoativos reforçou esse crescimento, principalmente em momentos em que se utiliza as moedas nacionais de uso internacional como instrumentos de poder geopolítico em sanções contra países (como as contra a

universalização de acesso a serviços

como “veículos de remessa cambial”;4 financeiros, inclusive permitindo levar ao investidor de varejo investimentos que hoje estão disponíveis apenas aos investidores de atacado.

Rússia, Coreia do Norte, Venezuela, Irã).

CRIPTOATIVOS E REGULAÇÃO NO MUNDO

A expansão do uso dos criptoativos e

Na Argentina, o BCRA (Banco Central

a descentralização associada permitiu

de la República Argentina) emitiu, em

uma proteção contra a inflação derivada

20.5.2021, um Comunicado conjunto com

das QEs e contra hiperinflações em

a CNV (Comisión Nacional de Valores)5

alguns países; 2 hedge cambial; 3 redução

no qual alerta que os criptoativos

de custos e aumento da velocidade das

apresentam riscos e desafios para os

transações,

usuários, investidores e para o sistema

incluindo

operações

de

2. BOFF, Salete Oro; FERREIRA, Natasha Alves. “Análise dos benefícios sociais da bitcoin como moeda”, in: Anuario mexicano de derecho internacional; 2016, vol.16, pp. 499-523. ISSN 1870-4654: https://www.scielo.org.mx/scielo.php?script=sci_arttext&pid=S1870-46542016000100499.

3. Isso é feito com participação de liquidadores intermediários como as Exchanges em um fluxo onde o importador compra a “Stable Coin” como proteção a volatilidade cambial e depois vende com ágio no momento do pagamento da importação.

4. As instituições autorizadas a operar em câmbio podem usar do criptoativo como “veículos de remessas” para entrega/recebimento das divisas, Também, os residentes podem usar os criptoativos para remessas, comprando-os no país pagando em BRL e os vendendo no exterior recebendo em USD/EUR/GBP. 5. http://www.bcra.gov.ar/Noticias/alerta-sobre-riesgos-implicancias-criptoactivos.asp

7

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financeiro como um todo, destacando

Atualmente não exis legal que explicite a co e supervisionar os cript se adota a similaridad seu tratamento (por ex a Exchange, regula a i Exchange movimenta

que os criptoativos: Não são moeda de curso legal; Não têm garantias ou proteção legal; Têm elevada volatilidade com riscos de grandes perdas de valores; São passíveis de “disrupções operacionais” e de ciberataques; São objeto de “informação incompleta”, falta de transparência e passíveis de fraudes; Apresentam riscos de LD/FT e de descumprimento de normas cambiais; Têm o caráter de operações transfronteiriças com contrapartes não alcançáveis em eventuais necessidades de arbitragem de conflitos.

de curso legal a partir de 7.9.2021.8 Apesar de algumas proibições, a tendência tem sido a de se regular os criptoativos,

E agora, em 5.5.2022, o BCRA avançou na

com destaque para a MiCA (Markets in

linha do PBoC e proibiu as instituições

Crypto-Assets

financeiras de darem curso a operações com criptoativos.

Regulation),

no

âmbito

da União Europeia; e as regulações da

6

FCA (Financial Conduct Authority), no Reino Unido; do BaFin (Bundesanstalt

Na China, o PBoC (People’s Bank of

für

China, o BC da China) foi adotando

Finanzdienstleistungsaufsicht),

na

Alemanha; da AMF (Autorité des Marchés

restrições sucessivas e crescentes aos

Financiers), na França; da MAS (Monetary

criptoativos (2017, 2018, 2019, 2020)

Authority of Singapore); da FSA (金融庁 –

até que, em 24.9.2021, tornou ilegais

Financial Services Agency), no Japão.

todas as transações com criptomoedas, sujeitando quem desobedecer a ser

Adicionalmente,

processado como criminoso.7

consideram exponham

El Salvador, por outro lado, tornou os

que o

vulnerabilidades

criptoativos como meio de pagamento

os

reguladores estes

sistema porque,

não

criptoativos financeiro apesar

a do

crescimento acelerado da sua utilização,

6. http://www.bcra.gov.ar/Noticias/BCRA-desalienta-oferta-criptoactivos-sistema-financiero.asp 7. https://www.bbc.com/news/technology-58678907 (original do PBoC: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4348556/index.html) 8.“El Salvador passa a usar bitcoin como uma das moedas oficiais do país”: https://bit.ly/3SvVwk5

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8

ste no Brasil um marco ompetência de regular toativos, de forma que de e aproximação no xemplo, se não regula nstituição por onde a a seus recursos).

Comunicado BCB 31.379,11 de 16.11.2017), explicitando que: Criptoativo não é moeda e não se confunde com moeda eletrônica de banco central; Criptoativo não tem garantia; Criptoativo tem risco elevado (inclusive de perda total); O BCB não regula criptoativo, seus emissores e negociadores; Criptoativos são muito utilizadas para atividades ilícitas, sujeitando os detentores a responsabilidades administrativas e penais;

ela é ainda proporcionalmente marginal f rente ao volume dos ativos financeiros – embora caso se consiga manter o

Criptoativos, quando implicam transferências internacionais, exigem a realização das operações de câmbio exclusivamente por meio de instituições autorizadas para não configurarem crime financeiro.

crescimento exponencial de sua utilização, poderá apresentar riscos no futuro.9 O impacto em PLD/FT, entretanto, já é relevante.

A CVM, também, adotou a mesma linha,

EVOLUÇÃO DO STATUS DA REGULAÇÃO DE CRIPTOATIVOS NO BRASIL ATÉ 8.2022

explicitando que criptoativos: Em sua maioria não configuram valores mobiliários passíveis de investimento;

Inicialmente o BCB (Banco Central do

Não são garantidos nem protegidos;

Brasil) decidiu não regular criptoativos, apenas alertas

emitindo sobre

“os

Comunicados riscos

com

São de alto risco (só investidores de alto

decorrentes

risco podem ter em suas carteiras).

de operações de guarda e negociação das

denominadas

moedas

(Comunicado BCB 25.306,

10

virtuais”

READ COMPLETE ARTICLE

de 19.2.2014, e

9. O especialista Thiago Caminha da Silva (Swapfy/Opey) destaca que existe uma “exposição indireta” aos criptoativos não totalmente “mapeada”.

Investidores de mercado de capitais se expõem ao deterem ações de empresas que estão acumulando criptoativos em caixa – os criptoativos fazem parte da composição de caixa de grandes empresas e grandes investidores.

10. https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Comunicado&numero=25306 11. https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Comunicado&numero=31379

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INSIDE JOB

Brazilian Tech Professionals are a great opportunity for companies Vivian Portella

around the world

R

ecently, B&T Câmbio carried out a survey on a topic widely publicized by the Brazilian media, which points to a 72% increase in the IT and software development export f rom Brazil to the world in 2021.

the reflection of this trend affected the number of international payments carried out by our foreign exchange company, which achieved a 53% increase in operations in this segment f rom 2020 to 2021.

The increase f rom USD 18 million to USD 31 million in transactions carried out by our customers could be explained by the strong trend of labor internationalization that my country is experiencing, followed by the recurring depreciation of the Real currency against the US Dollar.

Local taxation in Brazil also benef its the professionals who provide this kind of service. The conversion of US Dollars in to Reais benef its the international companies, thus making the business favorable for both parties.

While the pandemic basically shook the entire service sector towards digitalization, the remote work broke down all geographic barriers and popularized the offer of technology services by Brazilian professionals f rom this area, who stand out for their commitment, qualif ication, and flexibility.

Customers who look for our services share with us that they are leaving their formal jobs in Brazil to provide, f rom their local home off ices, their services to foreign companies, mainly American ones. Following this path, XT

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In addition to help Brazilian tech professionals, we are also expanding our operations to offer an international payment solution for companies around the world that hire this kind of professionals in Brazil, through the group's international unit located in Miami, FL. This movement is part of a global agenda promoted by Brazilian regulatory bodies in the sense of greater competitiveness, inclusion, and innovation in a market that was traditionally restricted to large companies. With new players arriving, your company will gain in costs, time, transparency, and access to services structured according to your needs.

August 23, 2022 | 4PM - 5PM EST Via ZOOM - Free registrarion REGISTER NOW

THE IMPORTANCE OF AN EFFECTIVE

Creating a culture of compliance through your employee training program will prevent f raud and money laundering.

TRAINING PROGRAM

A

thorough and eff icient include how to identify suspicious training program is one of activity, understanding specif ic the most critical aspects for thresholds for additional reporting f inancial services businesses to stay depending on services, anti-money in compliance and mitigate f raud. A laundering basics, key terms good training program applicable to your enables proper industry, penalties of required education non-compliance, etc.

"When it comes throughout your business and ensures For larger or multitime for your compliance becomes location operations, annual Third Party a standard in your it’s imperative that you Independent operation. have an automated Review, you will be system for training, as it The Financial Crimes becomes challenging required to show Enforcement Network to manage tens, if proof that your (FinCEN) requires, as not hundreds, of staff has taken one of the pillars of an employees. the appropriate Anti-Money Laundering Program, to “provide In addition, when it training based education and comes time for your on their money training of appropriate annual Third Party services personnel concerning Independent Review, responsibilities." their responsibilities you will be required under the program, to show proof that including training in the your staff has taken detection of suspicious transactions the appropriate training based on to the extent that the money services their money services responsibilities. business is required to report such This is one of the many reasons transactions under the BSA.” why adopting an automated online training platform benef its Your training program should compliance management.

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Mitchell Souza, CCI

| Director of sales

TO KEEP IN MIND

Here are some features to keep in mind when searching for an effective training platform and content provider: Custom, up-to-date training content, with a relevant library of courses Bulk enrollment capability Automated enrollment and completion email notif ications Individual user activity tracking Automated and custom reporting Pass/fail thresholds Easy to reach service team

the

customer

Adhering to these features will ensure that your training program meets industry standards and will save you both time and money in the long run.

Follow us 13

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INDUSTRY LAURINEY SANTOS LEADERS | Founder & COO XT. HOW DID YOU COME UP WITH YOUR BUSINESS IDEA? "WHAT'S THE STORY BEHIND YOUR COMPANY?" LS. In 2016 I decided to transform my life, ending a cycle as an executive of companies such as Avon, Danone, and Unilever. At the time, I sought professional assistance from a career transition specialist. This support led me to the idea of entering the financial market.

With this new purpose in mind, I moved to the United States. I spent a year studying in detail the financial sector, which led me to visit a diversity of other countries such as China, Vietnam, and others in Latin America and Europe.

After this period of intense studies, I realized I became very interested in understanding how money was transferred between countries. Additionally, I immersed myself in crypto assets and payments studies. This led the way to strongly believe there was an opportunity for synergy, with a high potential to be the future of the payments industry. A new normal was effervescent.

I talked to several people back in Brazil and invited them to join me on a new project. We further developed the concept alongside these new people and named the company Beeteller. Our name comes from the free translation to the Portuguese of the term bee box because, like bees, our purpose has always been to connect different points in an even more specific way, moving money between these points.

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Beeteller is a company with a lean structure but with highly talented people committed to the business. Besides transforming the payments sector, my main ambition is to generate job opportunities and professional development as we foster progress and the growth of society.

I'm very grateful and honored to have the opportunity of learning with and from them as we build together the future of the payment industry. Each strategic company area is led by one of them, guaranteeing every business need is fulfilled according to their different professional backgrounds, expertise, and knowledge.

My executive team, the Beeteller cofounders; Caio Vidal, Kelly Santos, and Rodrigo Nunes, have impacted me the most as we all embrace and share the responsibility to oversee Beeteller’s growth and transformation.

XT. WHAT DOES "SUCCESS" MEAN TO THE COMPANY? WHAT DOES IT MEAN TO YOU? LS. I wouldn't want to separate what success means to me and what it means to Beeteller.

After all, my goals and dreams walk alongside the company's vision. And when we talk about success, what matters to me the most is the people.

XT. WHO WERE THE PEOPLE WHO HAVE BEEN THE MOST HELPFUL IN GETTING YOU TO WHERE YOU ARE TODAY? HOW DID THEY IMPACT YOUR LIFE AND YOUR SUCCESS?

We wouldn’t have a reason to exist if it wasn’t for those who are part of our community, whether we refer to those that stand outside our company, those who use our solutions to facilitate their day-to-day activities, or those who work with us leading projects and initiatives to promote the company’s development in the industry.

LS. Beeteller was born from an idea four extraordinary entrepreneurs had. This idea became an aspirational goal; to transform and revolutionize the payment industry.

Those who joined me in the early Beeteller years became Beeteller cofounders. They play a crucial role in the evolution of our company’s organizational culture, which is based on promoting a dynamic and innovative work environment on a daily basis. Without them, Beeteller wouldn't be the same.

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Beeteller is a company with a lean structure but with highly talented people committed to the business. Besides transforming the payments sector, my main ambition is to generate job opportunities and professional development as we foster progress and the growth of society.

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XT. WHAT MAKES BEETELLER UNIQUE AND DIFFERENT FROM THE COMPETITION? LS. We focus on relationships and providing quality service to our merchants. All customers have a direct line with the company's founders. We prioritize delivering high-quality products and technology, so our customers' businesses never stop. Our client may have problems, but it won't be in payments!

for this transformation. The settlement via crypto already represents approximately 90% of our operations, and whenever we ask our clients about performing their transactions via SWIFT or crypto, the option is always crypto.

XT. HOW DO YOU SEE THE CROSSBORDER INDUSTRY IN THE NEXT 10 YEARS?

The reason for this is very clear: via crypto, the values will be in the account in only 10 seconds; via Swift, depending on the country, this can take up to 5 days. The revolution is just beginning.

LS. From the beginning, when we founded Beeteller, our vision has always been that, at some point, the money movements in the world would be carried out through crypto. Today, without a doubt, we see this happening.

XT. HOW DOES BEETELLER SEE THE CURRENT MOMENT OF THE WORLD MARKET AND THE MOVEMENT THAT HAS LED STARTUPS AROUND THE WORLD TO FACE SERIOUS CASH AND LIQUIDITY PROBLEMS?

Personally, I do not believe that the collection of local payments will see significant transformations unless, of course, by improving technologies. Now, this will see significant changes regarding the movement of international remittances.

LS. We must understand that even the best economists in the world could not predict the escalation of the different circumstances that have impacted the economy worldwide.

Today, sending international remittances through blockchain already represents a substantial volume of cross-border transactions worldwide. With the rise of CDBCs (Central Bank Digital Currency), moving money internationally instantly will be a reality.

The COVID-19 Pandemic, failed foreign policies, the Ukraine War, and government changes in several countries around the world, have led our industry to a place of highinterest rates and a great deal of attention to the inflationary factor.

Stable and emerging economies have suffered

Beeteller is prepared for this new moment.

Today we already have all the infrastructure 17

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Lauriney Santos, Caio Vidal, Rodrigo Nunes, Kelly Santos & Antônia Carvalho.

these consequences. In this context, especially for startups, we see a considerable decrease in the supply of international capital because the so-called risk assets are less attractive, and new investment rounds are less frequent.

forward soberly into new opportunities.

We consider ourselves a camel, always resistant, resilient, living in environments of possible scarcity, and, at the same time, always moving forward consciously and continuously.

The reflection of this has been observed in layoffs, cost-cutting, and often in the review of the business model of startups themselves, which should now focus on the search for cash generation.

We were born bootstrap and still have no investors within our business. We always prioritize the profitability and selfsustainability of the business. And this is how we intend to transmute and renew the payments industry around the world.

At Beeteller, at this moment, we recognize ourselves in a different scenario. While, for years, we have watched other startups work to search for international investors, we have always been focused on generating our cash and moving

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LEARN MORE ABOUT BEETELLER

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Payment technology so cutting edge you’d think it was from the future

Meet us at Crosstech World 2022 Miami 15 - 17 November / booth #G1

FINTEL INSIGHTS

JOGOS DE AZAR NO BRASIL Bernardo Mota Presidente do IPLD (Instituto de Prevenção à Lavagem de Dinheiro e ao Financiamento do Terrorismo

Uma discussão tão urgente quanto adiada

“

A repressão aos jogos de azar é um imperativo da consciência universal” – estas palavras estão na abertura do decreto-lei que, desde abril de 1946, proíbe essa atividade no Brasil. Quase oitenta anos depois, porém, não só a “consciência universal” deixou de lado essa tendência, a exemplo do que se vê em outros países, como o próprio Brasil tem relativizado o “imperativo”. Mantendo-se ou não a proibição, a urgência do debate é fato.

Por uma questão concreta: logo acaba o prazo estabelecido para a regulamentação da Lei no. 13.756/2018, que trata das “apostas de quota f ixa”, um tipo de jogo de azar, embora menos vistoso que cassinos ou af ins.

Isso pode estimular a conversa sobre a legalização dos jogos de azar. Marcado por tabus, esse setor merece ser considerado também de outros ângulos, que levem em conta seu potencial de transformações econômicas para a sociedade e de arrecadação para o Estado. Trata-se de uma discussão complexa, a começar do ponto de vista legal.

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A regra (não) é clara

A oscilação entre a proibição e a pressão do

mercado

moldou

uma

tendência

às

Do ponto de vista jurídico, há duas dif iculdades

“microssoluções”, as tentativas de remediar a

imediatas. A primeira delas, ilustrada pela

situação em vez de esclarecê-la: pode loteria,

situação

aprovada,

mas não cassino; podia bingo antes, agora não

mas não regulamentada, está na ausência de

pode mais; pode “aposta de quota f ixa”, mas

normas def inidas para parte dessa atividade.

não se sabe como, etc.

da

Lei

no.

13.756/2018,

Isso afeta toda a cadeia. Tome-se o caso

A internacionalização e a praticidade da

das “apostas de quota f ixa”, não raro virtuais.

internet só intensif icaram o teor insustentável

Sem parâmetros legais para a instalação, no

da excentricidade brasileira, tão incerta e tão

território brasileiro, das empresas responsáveis,

contrastante com os países citados, onde

elas continuam operando internacionalmente,

os jogos de azar são um setor econômico

à distância. Com isso, perde o Estado, deixando

altamente controlado e rentável.

de arrecadar num mercado que opera na escala do bilhão de dólares; e perde a sociedade, que f ica vulnerável.

Af inal,

é

muito

mais

dif ícil

haver

Um mercado cheio de apetite – e de riscos

uma

f iscalização séria (imprescindível nesse setor) É preciso desfazer o limbo normativo justamente

de longe, em pleno limbo normativo.

por se tratar de um mercado cobiçado, de vultosas movimentações f inanceiras.

A outra dif iculdade está no tabu em torno dos jogos de azar. Frequentemente moralista (como aquela vaga “consciência universal”),

Ao mesmo tempo que o tornam atraente do

a interdição não impediu que uma fatia da

ponto de vista do Estado, pela possibilidade

população praticasse essa atividade, ora em

de arrecadação ou pelas oportunidades que

viagens internacionais a países onde é permitida

os jogos e sua cadeia econômica oferecem

(como Uruguai, EUA, Inglaterra, Mônaco etc.),

(geração de empregos e vinculação ao turismo,

ora aqui mesmo no Brasil, por vias ilegais.

por exemplo), esse volume e esse apetite do mercado o tornam vulnerável a tentativas de lavagem de dinheiro.

“É um risco, ainda mais numa situação jurídica nebulosa, mas não uma inevitabilidade. Um modelo possível para impedir ao máximo a lavagem de dinheiro em jogos de azar seria algo próximo do que se vê hoje no setor bancário. ”

É um risco, ainda mais numa situação jurídica nebulosa, mas não uma inevitabilidade. Um modelo possível para impedir ao máximo a lavagem de dinheiro em jogos de azar seria algo próximo do que se vê hoje no setor bancário.

READ COMPLETE ARTICLE 21

XT

The Foreign Exchange Market and New Brazilian Regulations By: João Campanelli

S

ome time ago, I wrote an article about the

Free format for the course of FX transactions,

new FX legislation, demonstrating some

observing the requirements established by

of the main changes and innovations

BACEN.

that the Central Bank of Brazil (BACEN) was planning to implement based on Law 14.826 of

Reduction of asymmetries in the requirements

29.12.2021, enacted by the Brazilian Congress.

for opening, maintaining and operating nonresident accounts in Reais (R$) in comparison

Now, we are facing Public Consultation No. 90,

to those required for resident accounts.

which begins to clarify and reflect the changes so desired by the market, with implementation

These

scheduled

produce

for

January

2023.

Among

the

changes

are

enormous

fundamental effects

in

and

the

will

client's

requirements disclosed, these are the main

relationship with the institutions authorized to

points highlighted by BACEN:

operate in FX, bringing more transparency and

Allowing

the

use

of

the

balancing the responsibilities of those involved

authorized

in FX transactions.

institution's own criteria to request or waive accessory

documentation

for

the

course

If we take a closer look at Public Consultation

of FX transactions, considering the client's

No. 90, we notice that some of the main changes

assessment and the characteristics of the

will be that the client will be able to choose

transaction.

the nature/purpose of the operation, no longer requiring formalization with BACEN.

Simplify the procedure for classifying the purpose of the FX transactions.

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This will take the Brazilian FX market to a 22

COLUMN OF OPINION

There will be major changes in the day-today life of companies, which will be impacted by the assumption of responsibility for information and the correct classification of their operations, now being fully responsible for their actions. new level, more in line with the realities and

adjustment process will have to extend over

practices

in

the next 2(two) to 3 (three) years, because there

developed countries, where a FX transaction

are many details to be def ined and many which

is executed in the same way that a payment is

still conflicting with each other in the current

made on a daily basis.

consult,and as BACEN's own announcement

around

the

world,

especially

states, f rom 2023 "the relevant issues will be Although f inancial institutions, and also those

further discussed and may be adjusted in new

authorized to operate in FX, are the main

legislation."

benef iciaries of the new legislation, we also see that there will be important changes in the

Finally, we can see that the process of disruption

day-to-day operations of companies, which will

begins in the FX market and we have a long

be affected by the assumption of responsibility

way to go. The beginning is exciting, but full of

for the information and correct categorization

pitfalls that we have to be aware of to ensure

of

that the changes are made in the best possible

their

operations,

now

becoming

fully

responsible for their actions. Even though this

way,

situation does not eliminates the responsibility

rethinking this issue.

of

the

agents

authorized

to

conduct

without

the

necessity

of

constantly

FX

operations to recognize the classif ication as

The ideal world is that, f rom now on, we can

correct, companies will now have full control

be updated to be really inserted in a global

of their payments, and with this, I believe

payment community that will bring to Brazil

that we will see more and more digitized and

a strong currency (Real), an economy that is

automated

increasingly healthy and without internal or

processes,

making

it

easier

to

external influences, only influences of the day-

conclude FX transactions.

I

also

think

that

implementation

to-day market.

and 23

XT

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