„Bank allegations border on cynicism,“ says ABCripto

Brazilian Association of Cryptomorphs manifested itself in the administrative enquiry of Cade

The Brazilian Crypto Association (ABCripto), in a demonstration at the Administrative Council for Economic Defense (Cade), said that the allegations made by financial institutions about the crypto sector in recent months border on „cynicism“ and „defiance.

The petition was joined on Wednesday (14) in an administrative enquiry aimed at investigating anti-competitive acts committed by banks against cryptomaniac companies. In it, ABCripto argued that although there is no regulation, the sector has acted in accordance with safety standards to prevent money laundering.

According to ABCripto, however, there is a refusal to open an account and frequent arbitrary closures against companies in this sector.

„To say the opposite is simply to go against reality“, said the association, which in repudiation to the latest statements made by the banks, decided to manifest itself on behalf of the Bitcoin Freedom sector.

In the association’s view, what the banks have done is to use fallacious arguments when dealing with cryptomaps and the companies that work with that asset.

Unjustified Refusal of Banks

„They cynically claim that today ‚there is no regulation to operate in this market‘, which compromises the security of the sector – especially with regard to proof and traceability (origin and destination) of cryptoactive – bringing risks not only for the institutions, but also for the entire Financial System,“ says the text.

ABCripto mentioned that contrary to what the banks propagate, crypto companies have increasingly presented more security to the market and the CNAE (National Classification of Economic Activity) itself is proof of this.

„With the establishment of the CNAE for ‚Brokerage and Custody of Cryptoactives‘, exchanges have come to have their activity formalized, leaving no differences between the actual business object and its classification.

In defence of exchanges

ABCripto mentioned that before CNAE, the problem was the lack of precise classification for this market. This was the complaint of banks that raised questions.

However, even with the CNAE itself banks still point to problems. ABCripto said that the only bank that exposed the real reason was Itaú, but it still uses justifications such as „the non-existence of legislation“ and „the impossibility of identifying the origin and destination of any crypto.

According to the Crypto Association, all banking institutions have maintained a supposed „regulatory vacuum“ in the sector.

However, in defense of the sector, ABCripto said:

„Although there is still a lack of a ‚formal law‘, which, incidentally, does not depend solely and exclusively on the participants in this market, the sector has shown itself to be increasingly regulated – albeit indirectly – bringing greater security.

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