Tokenização de ativos: desafios e oportunidades jurídicas para empresas no Brasil

Abstract

This research analyzes asset tokenization in Brazil from the perspective of Business Law, focusing on the impacts of the absence of specific regulation on legal certainty in transactions. Initially, it presents the fundamental concepts of crypto-assets, blockchain, and tokenization, highlighting their potential to democratize investments, increase liquidity, and reduce operational costs. Subsequently, it discusses the main legal aspects related to different types of tokens, the evolution of Brazilian regulation, the risks arising from regulatory gaps, and the role of supervisory bodies such as the Securities and Exchange Commission of Brazil (CVM) and the Central Bank. The comparative analysis with international models, such as the European Union’s MiCA Regulation and the guidelines of Switzerland, demonstrates that clear classifications and proportional rules are essential to balance innovation and security. Finally, proposals are made for improving Brazilian legislation, including the need for specific rules on tokenization, greater clarity regarding the legal nature of tokens, and the strengthening of governance and transparency mechanisms. The study concludes that tokenization represents a strategic opportunity for the Brazilian market, provided it is accompanied by an efficient legal framework capable of fostering both technological innovation and legal certainty