DO ESTADO REGULADOR AO ESTADO ORIENTADOR: A ATUAÇÃO DO BANCO CENTRAL E DA COMISSÃO DE VALORES MOBILIÁRIOS NO MERCADO DE ATIVOS VIRTUAIS

The purpose of this article is to analyze the State’s actions in the current context of a tokenized and decentralized economy, focusing on the Securities and Exchange Commission and the Central Bank of Brazil. The change in public administration towards consensus and reflexivity stands out, as a result of the socioeconomic transformations introduced by recent technological innovations. The discussion involves financial innovations and the challenges faced by regulatory bodies of the banking and capital markets, especially related to the so-called “tokenization” of the economy. A reflection on the core of State action is necessary for efficient regulation and regulation of such strategic sectors.