The Legal Framework on Foreign Exchange Transactions in Brazil: An Analysis of the Use of Cryptocurrencies to Exchange National Currencies

Bruno Quartieri Gaudêncio, Vice President , GTIS Partners, Brazil

That cryptocurrencies have been defying central banks’ authority globally is no news. Central banks around the world have been lagging behind in a Sisyphus task of regulating situations that evolve as cryptocurrencies market develops. The scenario in Brazil is no different. While a new law (Law 14,286/2021) governing the foreign exchange market was recently enacted, empowering the Central Bank of Brazil to regulate foreign exchange trades, new forms of buying and selling foreign currency with the use of cryptocurrencies have been developing.

Bruno Quartieri Gaudêncio joined GTIS Partners on October 2014 and is currently a Vice President and responsible for supporting legal matters at the firm. Prior to joining GTIS Partners, Mr. Bruno Gaudêncio was a lawyer at Machado, Meyer, Sendacz e Opice Advogados, one of the largest law firms in Brazil, where he was active in mergers and acquisitions, corporate restructuring and real estate practices. Mr. Bruno Gaudêncio graduated from Pontifícia Universidade Católica (PUC) in São Paulo in 2012.

GTIS Partners is a leading real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Paris and Munich. The firm was founded in 2005 by Tom Shapiro and is managed by President Tom Shapiro and Senior Managing Directors Thomas Feldstein, João Teixeira, Rob Vahradian, Peter Ciganik, Robert McCall, Ed McDowell and Maristella Diniz. The leadership team is comprised of seasoned real estate professionals with deep expertise in investment, development, design, asset management, legal and operations across multiple economic cycles. The collective experience of the leadership allows GTIS to pursue and lead vertically integrated operating businesses in each of its chosen markets in the United States and Brazil. GTIS’ dedicated research professionals work hand-in-hand with its investment teams to identify macro trends early, including investing in Brazil in 2005, United States residential in 2009 and single-family rental as an emerging asset class in 2010. As a pioneer in its business fields, GTIS ranks among the largest real estate private equity investors in Brazil, and a leading diversified residential investor in the United States. GTIS takes a local approach to real estate investing with on-the-ground teams in seven key markets with 82 employees and $4.3 billion of gross assets under management. With broad expertise in structuring, design, development and asset management, GTIS professionals oversee projects in residential, office, industrial/logistics and hospitality from concept to completion.