According to the information provided by sources close to the subject, the Brazilian House of Representatives cryptocurrency postponed voting of the bill until after the presidential elections in October.
Voting of Cryptocurrency Law Postponed Due to Busy Agenda in Brazil
Representatives were due to consider the crypto bill before the congressional recess that begins next week, but budgetary rules law and proposed constitutional reform for the healthcare industry dominate the legislative agenda.
In April, the Senate passed the bill that regulates cryptocurrency transactions and creates the label “virtual service providers” for crypto companies.
The House of Representatives, on the other hand, was unable to reach consensus on a final text, as Congressman Expedito Netto, responsible for presenting the bill in the lower house, removed two items from the Senate’s original bill.
The first clause required exchanges to keep their assets separate from their customers, while the second clause required exchanges to already have an Employer Identification Number in Brazil in order to apply for a license.
ABCripto, which brings together local exchanges, has asked the House of Representatives to preserve these two original clauses, while foreign companies such as Binance and Bitso have welcomed the changes Netto has proposed.
According to the latest polls, the first round of the Brazilian presidential election, led by former president Lula da Silva, will take place on October 2. The second round will be held on 30 October.
bitcoin and the surge in cryptocurrencies, and especially the collapse of Terra and other coins in its ecosystem, has increased regulators’ scrutiny against cryptoassets this year.
*Not investment advice.