Cryptoassets, metaverse and consumer law

Cryptoassets, metaverse and consumer law

The Federal Senate passed Bill no. 4.401 / 2021 approved[1]Which provides guidelines for the provision of virtual property services[2] (Crypto assets) and the regulation of entrepreneurs in these new markets who do not yet have special laws.

In the European Union, Brussels had proposed the regulation of the European Parliament and the Council on Crypto Assets Markets, however, the final text has not yet been approved.[3].

The two statement proposals come together in the sense that the crypto-asset service provider must obtain authorization from a competent public authority to operate in the internal market in compliance with certain procedural and institutional requirements. This requirement is sensible and prudent, see, it is possible to meet the principle of transparency, which allows to clearly identify the person responsible for the provision of services and supervise their activities for the greater protection of customers. In fact, this is another issue of convergence, both[4] Underline the importance of consumer protection[5].

Indeed, we are facing a new legal consumer relationship, subject to the provisions of the Consumer Protection Code (CDC). Historically, with the rise of electronic commerce[6]In the year 2000, there was a discussion on whether to implement the CDC, in particular, the rules contained in Article 49, as it contains ““Overcome quickly, however, according to the general rules of the device,” especially by phone or at home.sWhenever a contract for the supply of products and services is made outside of a commercial establishment, it includes “all legal relations of consumption in the electronic environment.”

This is certain with the implementation of special legislation on the provision of[7] There needs to be a dialogue about crypto assets[8] With the Consumer Protection Code[9].

In the short term, changes in legal relations are experienced, taking advantage of technological advances and the determination of great financial entrepreneurs. Media theme around metaverse[10]Most recently, under the leadership of Facebook CEO Mark Zuckerberg, who changed his company name to Meta Platforms Inc., popular meta in 2021, his ambition was to create everything in this so-called digital environment.

In a simple internet search, you will find some headlines:

(i) The largest sales of NFTs in history yielded R $ 1.5 billion for land in Metavers;
(ii) Bitcoin remained at $ 38,000, but Metavers cryptocurrency rose again

Legal relationships in this digital environment are already a reality and are growing rapidly, even through young people who do not have the legal civic capacity to carry them. Consumer law is one of the other branches of law that must be respected, primarily for its duty to provide information about its features, to enable conscious decision making by the weaker party, as well as the protection of personal data. The latter, no doubt, was greatly strengthened by the implementation of Act No. 13,709 / 18 (LGPD).

Professor Renato Porto unveiled the leading initiative of law classes in the Metavers environment.[11]Who created the digital platform and paid students for their consumer law courses gave them the opportunity to attend classes with this new technology.

The time has come for the Brazilian and European parliaments to support and monitor the legislative proposals on this new and current legal relationship, to submit suggestions for amending the statutory text and to request speed in the process, to guarantee, as soon as possible. As much as possible, regulation of this new digital market.

[8] Among the many other legal texts by Professor Claudia Lima Marks, the dialogue between the Consumer Protection Code and the new Civil Code: see “Dialogue of Resources” in the fight against abusive clauses. Consumer Law Monthly. Volume 45. Year. 11. Sao Paulo: Ed., RT, Jan./Mar, 2003.


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