The Commission on Securities and Exchange of Brazil (CVM) decided to stop trading in the "shares" of the investment mining project HashBrasil. According to the regulator, the services offered by the company and methods of attracting clients violate the legislation in the sphere of securities, reports CoinDesk.
The [Authority] has identified that the company and the individual mentioned above are publicly offering...an investment opportunity related to quotas in [a] bitcoin mining investment group ('HashBrasil'), using appeal to the public for the conclusion of contracts that may be included in the legal concept of security.
Brazil's Securities and Exchange Commission
In addition, CVM imposed on the organizers of HashBrasil a fine of R$ 5000 (about $ 1500) per day if they ignore the regulator's requirements. Soon after the decree was issued, the HashBrasil team announced in Facebook that the project was suspending its activities.