CRYPTO-ASSETS AND FINANCIAL REGULATION: THE LEGAL CHALLENGE OF EXCHANGE LIABILITY IN THE DIGITAL AGE

Abstract

This article analyzes the regulation of crypto-assets in Brazil following the enactment of Law No. 14,478/2022, known as the Legal Framework for Crypto-Assets, and its impact on the civil and corporate liability of exchanges — platforms responsible for the intermediation and custody of virtual assets. The research examines how the inclusion of this market within the financial system supervised by the Central Bank of Brazil and the Securities and Exchange Commission (CVM) redefines the legal regime governing digital operations, particularly concerning investor protection, corporate governance, and transaction transparency. Based on a theoretical and normative approach, the study demonstrates that Brazilian financial regulation seeks to reconcile technological innovation with legal protection, adopting principles of strict liability and due diligence in exchange activities. However, the hybrid nature of crypto-assets, the need for international cooperation, and the rapid pace of technological evolution pose new challenges to the application of civil and business law. The article concludes that the consolidation of a safe and ethical digital environment depends on the integration between state regulation, corporate self-regulation, and the strengthening of trust as a fundamental value of the digital economy.