In Brazil, the Latin American country with a population of more than 200 million, the first law regulating crypto is preparing to enter into force.
Bill regulating crypto February 22 by the Senate’s Economic Affairs Committee on unanimously was approved. Once approved by both the Senate and parliament, the law will be forwarded to President Jair Bolsonaro for enactment.
Brazilian Senator Irajá Abreu said on February 22 that with the entry into force of the bill, financial crimes committed via crypto He said he hoped it would be avoided.
Saying that he first started preparing the bill in 2019, Senator Abreu said in an interview with Bloomberg:
Once this bill is approved, cryptocurrencies will be increasingly adopted in shopping.
said.
Approximately for 3 years the draft law being studied; to virtual assets and to the stock markets It specifies which branches of government the investigations will be authorized by. In addition, in the draft law, cryptocurrencies are defined as a digital value that can be used for shopping and investing.
If this bill goes into effect, Brazil will become the largest country to regulate crypto in Latin America.