Brazilian President Jair Bolsonaro endorsed cryptocurrency regulations that the Senate had recently approved.
In line with the new regulation approved in Brazil, a new definition of crime such as crypto money fraud has been determined.
Persons who commit fraud through cryptocurrencies in the country, from four to six years imprisonment and in addition fine they will be faced with.
This legislation, approved in Brazil, also “digital asset providers” It also introduces a new license for Digital asset companies, including organizations such as exchanges, trading brokers, will need to obtain this license.
To comply with these new rules, companies operating in Brazil 180 days duration will be.
by law in security status The cryptocurrencies that are determined to be valid will be overseen by the Brazilian Securities and Exchange Commission (CVM).
Cryptocurrencies that do not qualify as securities Which institution will it be audited by? is still unclear.