The Brazilian cryptocurrency law is likely to be checked by Lula's government - regulation

The recently adopted Brazilian cryptocurrency law is likely to be checked and revised by the newly used government by Luis Inacio "Lula" da Silva. According to statements by the former rapporteur of the law, Expedito Netto, the new government will probably check the law to take up a few points that were left behind in the approval.

Brazilian crypto law not yet final, former rapporteur states

The recently The Brazilian cryptocurrency law is probably checked by the newly appointed congress in the country statements from his former rapporteur, the deputy Expeditto Netto. Netto explained that the changes proposed in the law have not yet been final, since the project may be discussed again to review some of the points left behind with regard to its approval.

For Netto, which was not elected as a deputy again at last year's referendum, there are still central questions that have to be discussed and legally anchored. One of them was whether providers of services for virtual assets should be forced to separate user funds from their own funds or not. The topic was finally disregarded because analysts explained that due to capital bottlenecks, it could have an impact on the products if companies were forced in this sector.

However, there is international pressure to exercise such restrictions on cryptocurrency exchanges after what happened with FTX, one of the largest cryptocurrency exchanges in the world when she registered bankruptcy in November.

other less controversial topics were also left out, such as taxes for green mining companies.

advantages of the law

The law does it Analysts can help customers feel more secure if they invest in cryptocurrency plants. The Central Bank of Brazil became the organization that was responsible for monitoring and registering stock exchanges and depot banks in the country. In addition, the legislation of the Brazilian securities commission (CVM) gives space to intervene in portfolio offers from these stock exchanges and to limit those that are considered illegal.

Another advertised advantage of the law is that it aims to criminalize cryptocurrency fraud directly and to determine punishments for the people behind it.

However, experts expressed themselves dissatisfied with the state in which the law was adopted, and said that this was a good beginning, but additional regulations were required to expand the provisions already specified in the law.

What do you think about the possibility that the government reclaimed the recently adopted Brazilian cryptocurrency law? Tell us in the comment area below.

Sergio Göschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game and entered the cryptosphere when the price increase took place in December 2017. He has a background as a computer engineer, lives in Venezuela and is affected by the cryptocurrency boom on a social level. It offers a different perspective on the crypto success and how it helps those who have no bank account and are under-supplied.

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