House of Representatives Approves Cryptocurrency Bill! – Cryptokoin.com

The Brazilian House of Representatives approved a bill regulating the cryptocurrency industry on Tuesday. On the other hand, it was decided to use cryptocurrencies as a payment method. Here are the details…

Law designed for cryptocurrency transactions gets approval

The bill, which was approved in the Senate in April and was put in the House of Representatives, now needs the approval of the executive branch to become law. The bill, written by MP Aureo Ribeiro, calls for a penalty of between two and six years plus a fine. It creates a new scam crime involving crypto assets. It also requires the creation of a “crypto service provider” license, which will be requested by companies, including exchanges and other crypto firms.

According to the text, companies will have 180 days to comply with the new rules before the law takes effect. The text states that crypto assets that are considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM). It stipulates that other crypto assets that do not fall into this category will fall under the responsibility of another body. It is expected that the Central Bank of Brazil will be elected in this direction.

Cryptocurrencies become legal as payment

Brazil, on the other hand, passed a law legalizing cryptocurrencies as a means of payment nationwide. It provided a regulatory boost to the adoption of cryptocurrencies and the expansion of the ecosystem. The Brazilian House of Representatives has approved a regulatory framework legalizing the use of cryptocurrencies as a means of payment in the country.

As we come to the middle of the week and the last day of November, the developments in the altcoin markets continue without slowing down.  Today, developments in the roadmap of projects and the beginning of many conferences draw attention.  In addition, various stock market listings and new product launches are among the important items of today.  Here are the developments for 27 altcoins today…

The document, signed under the code PL 4401/2021, provides for the inclusion of cryptocurrencies and airline frequent travelers rewards (miles) in the definition of “payment agreements” under the supervision of the country’s Central Bank. The law, which has already been passed and requires only the signature of the President to take effect, gives legal status to payments made in cryptocurrencies for goods and services. But it does not give them legal currency status.

Brazil has many crypto ETFs

Brazil has made significant progress in terms of cryptocurrency regulation and adoption among investors. cryptocoin.com As we reported, it is currently the country with the most crypto ETFs in Latin America. Also, most of the country’s major banks and brokers are active in this area. Currently, most of them offer services such as custody or token offerings for cryptos. Even Itaú, one of Brazil’s largest private banks, is trying to tokenize assets as part of its suite of services for future investors.

Brazilian Companies Have Bitcoin and These Altcoins in their Balance Sheets!

Once the law is enacted, it is up to the executive branch of government to determine the agency or office tasked with overseeing the matter. Only tokens classified as securities fall under the jurisdiction of the CVM, i.e. Brazil’s SEC.

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