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Historic Brazilian Bill Regulating Crypto Minds Up for Senate Vote
The Brazilian Senate will vote on a bill aimed at regulating crypto in Latin America's largest economy. Monitoring and inspection of digital assets will be handled by the country's central bank. The Brazilian Senate will vote on a bill aimed at regulating and legitimizing digital assets in Latin America's largest economy. Bill No. 3825/2019 - which will go to vote after being cleared by the country's economic committee on Tuesday - proposes regulatory guidelines for Brazil's digital assets market, including an exchange licensing regime. The bill introduced by Senator Flávio Arns specifically aims to provide services related to…
Historic Brazilian Bill Regulating Crypto Minds Up for Senate Vote
- Der brasilianische Senat wird über einen Gesetzentwurf abstimmen, der darauf abzielt, Krypto in der größten Volkswirtschaft Lateinamerikas zu regulieren
- Die Überwachung und Inspektion digitaler Vermögenswerte wird von der Zentralbank des Landes übernommen
Brazil's Senate will vote on a bill aimed at regulating and legitimizing digital assets in Latin America's largest economy.
Bill No. 3825/2019 – which will go to vote after being released by the country's economic committee on Tuesday – proposes regulatory guidelines for Brazil's digital assets market, including an exchange licensing regime.
The bill, introduced by Senator Flávio Arns, specifically aims to regulate services related to operations carried out with crypto on electronic trading platforms. It is the first time such a law has been considered across South America.
Monitoring and inspection of digital assets will be handled by the country's central bank, the bill says. The Comissao de Valores Mobiliarios (Brazil's Securities and Exchange Commission) is tasked with overseeing the initialization of coin offerings.
The goal of the bill, proponents claim, will be to regulate crypto-related crime and bring the unregulated market under the gaze of financial regulators to monetize and police the emerging industry. The guidelines contain precise definitions of what providers of virtual asset services, such as B. Stock exchanges and what constitutes crypto.
The bill also considers measures to combat money laundering and other illegal activities, as well as penalties for “fraudulent” or “reckless management” of crypto exchanges.
After approval by the Senate plenum, the bill must be ratified by the Brazilian Chamber of Deputies – the country's lower house, composed of representatives from all Brazilian states and the Federal District. From there, President Jair Bolsonaro can choose whether to approve or veto the law.
“The world is not waiting for the laggards,” Rafael Bezerra, supervisory director of Brazil's Financial Activities Control Board, said in a statement video. “It is important that we do not count ourselves among them in the near future.”
Last year, El Salvador legalized Bitcoin as legal tender alongside its national currency and the US dollar. The country's president, Nayib Bukele, has been vocal about breaking his nation's dependence on foreign interference in the country's crypto decisions.
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The Post Historic Brazilian Bill Regulating Crypto Heads to Senate Vote is not financial advice.