The Brazilian Senate takes another step towards regulating the cryptocurrency market
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Answer The Brazilian Senate takes another step towards regulating the cryptocurrency market
The Brazilian Senate has taken another step towards regulating the cryptocurrency market.
The regulations were presented as a bill clarifying the basic rules for crypto funds.
The Senate Economic Affairs Committee unanimously approved the text on Tuesday.
The bill is now being put to a vote in the Senate, followed by the House of Representatives if approved as well, and finally passes for President Jair Bolsonaro to sign it into law.
The script starts from scratch by identifying digital assets and rating service providers.
Under the proposal, the federal government decides which body will be responsible for regulating business in cryptocurrency.
From what was stated in the bill, the responsibility rests with the Central Bank, which actively participated in drafting the bill.Read:Bitcoin trading surges in Venezuela after national banks shut down due to coronavirus
If the bill is approved, Brazil will become the largest country in Latin America to regulate cryptocurrencies, reducing the potential for money laundering as well as the risks for investors.
Some of the smaller countries in the region are more advanced, with Cuba already issuing rules recognizing and regulating the use of cryptocurrencies, while El Salvador offers legal tender for Bitcoin along with the US dollar.
According to the bill, cryptocurrency service providers must prevent money laundering and asset concealment, while fighting criminal organizations, terrorist financing and the proliferation of weapons of mass destruction.
The text provides for imprisonment and a fine in case of violations.
At the end of 2021, the Brazilian Chamber of Deputies passed a bill different from the current proposal, setting the rules for cryptocurrency trading in Brazil.
This text passed to the Senate, which chose to vote on the proposal.
The proposed bill coincides with the Brazilian Central Bank’s work on a digital version of the Brazilian real.
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