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Judges in Brazil are getting crypto 'training,' Minister Warns of Regulatory "Holes"

14-Jun-2022 By: Shikha Jha
Judges in Brazil are

Judges in Brazil are getting crypto 'training,' Minister Warns of Regulatory "Holes"

Brazilian federal judges have been given crypto-related training in order to prepare the judiciary for an increase in crypto-related court proceedings.

Judges and magistrates were instructed to pay more attention to crypto market-related violations – and a surge in crypto-related criminality – during a conference of federal judges conducted last week by the country's justice ministry. The government advised the judges to consider the fact that Brazil's cryptocurrency trading volumes have increased dramatically in recent years. According to some estimates, ten million Brazilians possess crypto assets.

Judges received "crypto training" and attended presentations on crypto-related issues during the conference. They were also reminded that, as the crypto environment evolves, high court judges must continue to expand their knowledge base, keeping in mind that, for the most part, crypto legislation does not exist in Brazil. As a result, judicial decisions, which can set legal precedent, are crucial.

The Superior Court of Justice President Humberto Martins was reported in an official Federal Justice Council (CJF) announcement as saying that "globalization" and organized criminals' technological skills were driving an increase in crypto-related crime.

"The usage of cryptocurrencies, without sufficient regulation raises anxiety for all those who are forced to deal with this issue," according to Jorge Mussi, the STJ's Vice President.

Due to the delayed advancement of crypto-specific laws, Mussi also cautioned that there were "discrepancies" in regulations.

Meanwhile, according to statistics from cybersecurity supplier ESET, there has been a substantial increase in crypto frauds from phoney and suspicious-looking crypto exchanges, according to a local Brazilian media.

Some of these con artists appear to be from other countries, but they employ Portuguese-language materials to particularly target Brazilian investors.

The scammers are using social engineering techniques, according to ESET, to persuade potential victims to click on links, pass over personal information, and even buy what they believe are packets of "coins."

At last, this initiative to teach the judiciary about cryptocurrencies was unique, and it aided judges in better delivering a judgment in the event of a fraud or scam. As the popularity of cryptocurrency grows, several countries are making efforts to regulate and combat crypto-related issues.

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