Cryptoassets, metaverse and consumer law

Cryptoassets, metaverse and consumer law

On April 26, the Federal Senate approved Bill No. 4,401/2021[1]which provides guidelines for the provision of virtual asset services[2] (crypto assets) and in the regulation of entrepreneurs in this new market that does not even have special legislation.

In the European Union, a proposal for a Regulation of the European Parliament and of the Council on crypto asset markets was presented in Brussels, however, the final text has not yet been approved.[3].

The two legislative proposals converge in the sense of requiring the asset crypto service provider to obtain authorization from the competent public authority to operate in the internal market, with the requirement to comply with certain procedural and organizational requirements. This requirement is sensitive and prudent, so it is possible to meet the principle of transparency, which allows us to assertively identify the person responsible for the provision of services and monitor their activities for greater protection of consumers. In fact, this is another point of convergence, both[4] emphasizes the importance of consumer protection[5].

In fact, we are facing a new legal consumer relationship, which is subject to the provisions of the Consumer Protection Code (CDC). Historically, with the emergence of e-commerce[6]In 2000, there was discussion about whether or not to apply the CDC, in particular, on the rule contained in Article 49, as contained. “especially over the phone or at home, “however, quickly overtaken since the general rule of the device says”swhenever the contract for the supply of products and services is made outside the commercial establishment ”which covers all legal relations of consumption in an electronic environment.

It is certain that with the entry into force of special legislation on the provision of[7] of the crypto axis there will necessarily be a dialogue[8] with the Consumer Protection Code[9].

In a short space of time, transformations are experienced in legal relationships, exploited by technological developments and the determination of large economic entrepreneurs. The media topic around the metaversu[10]led, most recently, by Mark Zuckerberg, CEO of Facebook, who in 2021 changed the name of his company to Meta Platforms Inc., popularly Meta, in view of his obsession with building everything in this so-called digital environment.

In a simple search on the Internet, you will find some titles:

(i) The largest NFT sale in history yields $ 1.5 billion for land in the metaverse;
(ii) Bitcoin remains at $ 38,000, but metaverse encryption is back

Legal relationships in this digital environment are already growing and growing exponentially, even by young people who do not have the legal civil capacity to perform. Consumer Law is one, among other branches of law, that must be respected, especially because of the duty of information about its particularities, which allows a conscious decision by the weaker party, as well as data protection. personal. The latter, no doubt, has been greatly strengthened with the enactment of Law No. 13,709 / 18 (LGPD).

The pioneering initiative of law classes in the metaverse environment has been announced by Professor Renato Porto[11]which created the digital platform and gave students who paid for their Consumerism course the opportunity to attend classes with this new technology.

It is time to support and monitor the legislative proposals on this new and current legal relationship, both in the Brazilian Parliament and in the European Parliament, with the presentation of suggestions to improve the legislative text and calling for speed in the process. guarantees, just. as much as possible,, the regulation of this new digital market.

[8] See, among other legal texts by Professor Cláudia Lima Marques, Dialogue between the Consumer Protection Code and the new Civil Code: on the “dialogue of sources” in the fight against abusive clauses. Consumer Law Review. vol. 45th year. 11. São Paulo: Ed., RT, January / March, 2003.


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