Publishing Verified Trader Performance — Brazil Regulatory Overview

How NakedPnL is positioned in Brazil under the CVM, the Banco Central, Lei 6.385/76, CVM Resolutions 19 and 178, the Lei 14.478/2022 crypto regime, and the LGPD.

NakedPnL operates a public registry of verified investment performance produced by individual traders who voluntarily connect read-only exchange API keys or sign on-chain wallet attestations. Daily NAV snapshots feed a time-weighted return (TWR) calculation; results are recorded in an append-only, SHA-256 chained ledger and Merkle-anchored to Bitcoin via OpenTimestamps so any third party can independently re-verify them.

This page describes how that activity is positioned under Brazilian law, with reference to the Comissão de Valores Mobiliários (CVM), the Banco Central do Brasil (BCB), Lei 6.385/76 (creating the CVM and regulating the securities market), CVM Resolution 20/2021 (analistas de valores mobiliários), CVM Resolution 178/2023 (consultores de valores mobiliários), Lei 14.478/2022 (the marco legal das criptomoedas), and the Lei Geral de Proteção de Dados (LGPD).

How NakedPnL is classified in Brazil

NakedPnL's activity is the production and distribution of factual performance data. The platform is not registered with the CVM as a consultor de valores mobiliários under CVM Resolution 178/2023, is not registered as an analista de valores mobiliários under CVM Resolution 20/2021, is not registered as an administrador de carteira under CVM Resolution 21/2021, and is not registered as an agente autônomo de investimento (now denominated assessor de investimentos under CVM Resolution 178/2023). The platform does not appear on the CVM public register of authorised persons and entities.

Consultoria de valores mobiliários: Article 27 of Lei 6.385/76

Article 27 of Lei 6.385/76 reserves the activity of consultor de valores mobiliários to persons registered with the CVM. CVM Resolution 178/2023 (which replaced CVM Instrução 592/2017) sets out the regulatory regime for consultores de valores mobiliários, defined as the activity of providing, on a professional and independent basis, services of orientation, recommendation, or advice on the value of securities, intended to assist investors in their investment decisions.

The CVM has long distinguished impersonal, publicly disseminated information from personalised recommendations. CVM Communique 27.502 (and later guidance) confirms that opinions and analyses published broadly to the public, without a contractual relationship with a specific client and without an investment-decision-making purpose tailored to that client, generally fall outside the consultoria perimeter.

NakedPnL does not produce client-specific outputs. The registry shows the same content to every reader of a given page; the platform does not collect a client's perfil de investidor or perform a verificação de adequação (suitability assessment) under CVM Resolution 30/2021. On those facts, the platform's analysis is that the published content is general information and is outside the consultoria de valores mobiliários perimeter.

Análise de valores mobiliários: CVM Resolution 20/2021

CVM Resolution 20/2021 (which consolidated and replaced CVM Instrução 598/2018) regulates the activity of analista de valores mobiliários — defined as the production of relatórios de análise containing recommendations or opinions on specific securities. Registered analysts must observe rules on independence, disclosure of conflicts of interest, and presentation of analyses.

NakedPnL does not produce relatórios de análise within the meaning of Resolution 20/2021. The registry publishes factual past-performance data, not opinions or recommendations on specific securities. On that basis, the platform's analysis is that its publishing activity does not require analista registration.

Crypto-assets: Lei 14.478/2022 and BCB Resolution 4.954

Lei 14.478 of 21 December 2022 created the marco legal das criptomoedas in Brazil and designated a federal agency to supervise prestadores de serviços de ativos virtuais (PSAVs). By Decree 11.563/2023, the Banco Central do Brasil was designated as the supervisory authority for PSAVs. The BCB has been consulting on and rolling out the implementing regime — Resolution 4.954/2024 (with related circulares) sets out the licensing framework for crypto exchanges, custodians, and brokers.

NakedPnL is not a PSAV under Lei 14.478/2022. Article 5 of that law defines PSAV services as exchange between virtual assets and national or foreign currency, exchange between virtual assets, transfer of virtual assets, custody or administration of virtual assets, and participation in financial services and the offering of services tied to issuers of virtual assets. NakedPnL does none of those things; it reads daily snapshots from venues that are licensed in their own jurisdictions and from on-chain wallets users control directly.

What NakedPnL does not do

• No copy trading. The platform cannot replicate a trader's positions into another user's account.
• No consultoria de valores mobiliários under Article 27 of Lei 6.385/76 or CVM Resolution 178/2023.
• No análise de valores mobiliários under CVM Resolution 20/2021.
• No administração de carteira under CVM Resolution 21/2021.
• No agente autônomo or assessor de investimentos activity under CVM Resolution 178/2023.
• No PSAV activity under Lei 14.478/2022 or BCB Resolution 4.954.
• No custody of crypto-assets, fiat, or financial instruments.
• No oferta pública of securities under CVM Resolution 160/2022.

These design choices are encoded as feature flags in the codebase and protected by a continuous-integration test that fails the build if any flag is changed.

What Brazilian users should know

Brazilian users should treat the registry as factual performance data. Rentabilidade passada não representa garantia de resultados futuros — a phrase the CVM and ANBIMA require regulated firms to display alongside past-performance information. NakedPnL applies an equivalent statement on every trader profile.

If a third party offers to manage your money based on a NakedPnL track record, that party is responsible for its own CVM registration. Check the CVM public register of authorised persons and entities, the BCB list of authorised institutions, and the CVM's stop-orders and warnings (Atos Declaratórios and Alertas) before transacting with any firm that holds itself out as authorised. NakedPnL does not vouch for any third-party manager.

LGPD and the ANPD

The Lei Geral de Proteção de Dados (LGPD, Lei 13.709/2018) regulates the processing of personal data of identified or identifiable natural persons in Brazil. The Autoridade Nacional de Proteção de Dados (ANPD) is the supervisory authority. The LGPD recognises lawful bases broadly comparable to GDPR Article 6, including consent, performance of a contract, legitimate interests (interesse legítimo), and the protection of credit (proteção do crédito).

Lawful bases used by the platform include performance of a contract for users with an account, legitimate interests for minimal aggregated analytics, and explicit consent for the public listing of a trader's handle and TWR series in the registry. Users can exercise rights under Article 18 LGPD — including access, correction, deletion, anonymisation, blocking, and portability — through the privacy contact. Withdrawing public-listing consent removes the registry entry from public endpoints. Complaints may be addressed to the ANPD.

Tax considerations

NakedPnL is not a Brazilian financial intermediary and does not produce informe de rendimentos. Capital gains for individuals on financial assets are generally taxed under Lei 8.981/95 (with later amendments) and Lei 13.043/2014, with crypto-asset gains following the regime in Receita Federal Normative Instruction 1.888/2019 and the Lei 14.754/2023 amendments for offshore-held crypto. A contador inscrito no CRC or specialised tax advisor is the right resource for specific questions.

Disclaimer variant for Brazil

Brazil is not currently mapped in lib/jurisdictions.ts; users with a Brazilian IP fall through to the default disclaimer variant, which presents the standard publisher disclaimer without an EU- or UK-specific notice. The default variant is intentionally conservative and emphasises that NakedPnL is a publisher of verified factual data, not a financial-services provider. A Brazil-specific variant may be added once the platform completes a more detailed Brazilian legal review.

Frequently asked questions