Brazil sees cryptocurrency rules for trading as premature

The Brazilian securities regulator CVM will wait for a greater number of transactions before looking at the issue of regulation for cryptocurrencies in securities trading, such as initial coin offerings (ICOs).

"We do not have critical mass here, we only have critical mass outside," said Dov Rawet, CVM's securities registry superintendent, as reported by local newspaper Valor Econômico from a seminar.

"At the CVM we had strong demand in terms of consultations and people coming to talk about ICOs until the end of last year, as bitcoin was soaring. This year it has cooled," Rawet said.

Earlier this year, the president of the country's central bank, Ilan Goldfajn (pictured), ruled out the implementation of regulation and taxes for cryptocurrencies in the short-term.