After a long wait and work, the Brazilian House of Representatives has finally submitted a bill on cryptocurrencies to the president for final approval.
Brazil’s long-awaited crypto bill ylasting seven years After a series of legislative processes, it was finally presented to the president’s desk. Brazilian House of Representatives in a vote on Tuesday, Brazilian President Jair Bolsonarosubmitted a crypto regulation bill to .
The parliament, which has been working on the draft law on cryptocurrencies for years, lastly postponed the decision on the law 2 months ago until after the presidential elections across the country.
About this bill in the past one of the most discussed topics was also related to a provision that required cryptocurrency exchanges to follow certain guidelines to allocate client funds.
President of the Central Bank of Brazil Roberto Campos Neto In past meetings about cryptocurrencies, it was impossible to regulate the technology. Bitcoin (BTC) He stated that it would not make sense to create rules directly on cryptocurrencies such as cryptocurrencies. More of the next law providing services and technologically interacting with Bitcoin It is planned to focus on official institutions.
If the bill gets final approval, it will be necessary for institutions and exchanges operating in the country to comply with the new rules. 180 days will be.
If the bill is approved by the president, Making cryptocurrency mining legal across the country and mining farms 100% renewable energy to manufacturers using incentives such as tax exemptions will be provided.
Members of Parliament said one of the biggest motivations behind the law was in the country. punishing cryptocurrency scammers stated that. To this end, the project is related to crypto defines a new type of crime and it envisages imposing heavy penalties for individuals and companies involved in such crimes.
Crypto assets considered as securities under the draft law pending final approval, Brazilian Securities and Exchange Commission (CVM) Other digital assets that do not fall into this category will fall under the responsibility of another institution to be appointed by the executive branch.
Brazil, of Chainalysis in the latest Global Crypto Adoption Index seventh place is located. The blockchain analysis firm estimates that the South American country will have roughly approx. between July 2021 and June 2022, more than any other country in the region. $142.7 billion revealed that he bought cryptocurrencies.