When dealing legally with BRLS, in the face of the affirmative law which is in force in Brazil, since the files and vouchers are not under the competence of the regulatory body, they do not meet the Howey test. Hence, they are shown below, in verbis:
I. Is there an investment? ✓
II. Was this investment formalized by security, or by contract? ✓
III. Was the investment collective? ✓
IV. Were the contracts offered publicly? ✓
V. Has any form of remuneration been offered to investors? ✗
VI. Does the remuneration offer come from the efforts of the entrepreneur or third parties? ✗
Although the items from (i) to (iv) are applied in most circumstances to BRLS, items (v) and (vi) will never be applied under any circumstances.
As a non-financial asset, it does not involve the duties of the Central Bank of Brazil. Thus, BRLS should be treated as a token, voucher, non-financial asset, and, finally, as a Utility Token.