Historical Brazilian bill, which regulates crypto heads to coordinate the Senate

Historical Brazilian bill, which regulates crypto heads to coordinate the Senate

The Brazilian Senate will vote on a draft law that aims to regulate and legitimize digital assets in the largest economy of Latin America.

Lawning No. 3825/2019 -which goes to vote on Tuesday- Regulatory guidelines for the Brazilian market for digital assets, including a stock exchange licensing regime.

The draft law introduced by Senator Flávio Arns in particular aims to regulate services related to operations that are carried out with crypto on electronic trading platforms. It is the first time that such a law is being considered throughout South America.

The surveillance and inspection of digital assets are taken over by the country's central bank, according to the draft law. The Comissao de Valores Mobiliarios (Brazil's securities and stock exchange supervisory authority) is commissioned to monitor the initialization.

The goal of

After the approval of the Senateplenum, the draft law must be ratified by the Brazilian Chamber of Deputy - the lower house of the country, which is composed of representatives of all Brazilian states and the Federal District. From there, President Jair Bolsonaro can choose whether he wants to agree to the law or to take his veto.

"The world is not waiting for the stragglers," said Rafael Bezerra, supervisory director of the Brazilian control council for financial activities in a Video . "It is important that we don't count ourselves in the near future."

Last year El Salvador Bitcoin legalized as a legal means of payment in addition to his state currency and the US dollar. The state's president, Nayib Bukele, has spoken out loudly to solve the dependence of his nation on foreign interference into the country's crypto decisions.

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