Brazil’s Chamber of Deputies recently on 30th November 2022 approved the bill regulating cryptocurrency-based transactions in the country.
The bill is authored by Aureo Ribeiro and moreover establishes a modern set of crimes related to virtual assets.
The bill therein stipulates the curation of a ‘Virtual Service Provider’ license, which can be acquired by companies on request.
Brazil’s Chamber of Deputies recently on 30th November 2022 approved the bill regulating cryptocurrency-based transactions in the country. The bill was previously approved by Brazil’s Senate back in April 2022 and was stuck in the Chamber of Deputies, but now has been sent to the executive branch for finalizing the legal framework of the law.
The bill is authored by Aureo Ribeiro and moreover establishes a modern set of crimes related to virtual assets. The punishments and penalties for virtual assets are set between two to six years with a fine. Further, the bill therein stipulates the curation of a ‘Virtual Service Provider’ license, which can be acquired by companies on request.
In addition, the bill also stipulates crypto assets or securities. It would be regulated by the Brazilian Securities and Exchange Commission. While other digital assets mentioned separately would be governed under the responsibility of a branch appointed by the executive branch, it is more likely that the Central Bank would be chosen for the same.
In accordance with the text in the bill, the companies and firms will get a timestamp of 180 days to adapt to the new regulations before the law is enforced. This is a step taken by the government in order to boost the current expansion of the digital economy in the country.
