Brazil is experiencing a decisive moment in defining the rules that govern its digital economy. With the advancement of Bill 4,675/2025, the country seeks to reshape the role of CADE in relation to large platforms, moving from a traditionally reactive enforcement approach to a preventive regime that imposes obligations even before concrete competitive distortions occur. However, this transition is taking place amid global uncertainty, where the European and British models that inspired the Brazilian proposal are still facing significant controversy and producing mixed practical results.

In this first report, titled “Decoding Competition: Foundations and Influences of the Digital Markets Regulation in Brazil”, we examine the core elements of the bill and challenge its underlying assumptions. We provide a detailed analysis of the proposal’s three pillars — the designation of systemic actors, the imposition of special obligations, and the creation of a new structure within CADE — in order to assess whether these choices are truly consistent with Brazil’s regulatory framework.

The study raises important warnings about the risks of a rushed approval. It highlights critical issues such as the use of imprecise concepts (such as “digital markets”) that expand administrative discretion, the instability of criteria that may be altered through secondary regulations, and the lack of structured coordination with sectoral regulators, which could lead to overlapping rules and a loss of regulatory credibility.

We invite you to explore this comprehensive analysis, essential for anyone seeking to engage meaningfully in shaping an innovative digital environment. The future of markets that represent 6.5% of Brazil’s GDP is being decided now and requires a debate grounded in evidence, transparency, and institutional caution. Download the full report and understand the pathways toward regulation that promotes competition without stifling innovation.

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