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  • Home
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    Bets increase on a soft landing in the U.S

    Bets increase on a soft landing in the U.S

    69% of investors believe metaverse entertainment will change social lifestyles

    69% of investors believe metaverse entertainment will change social lifestyles

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    European oil companies want to follow in Chevron’s footsteps to operate in Venezuela

    Amgen buys Horizon Therapeutics for US$ 25 billion

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    Europe prepares law to make airlines that pollute more pay higher costs

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    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

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    Amazon fined millions for manipulating algorithms in its favor

    Amazon fined millions for manipulating algorithms in its favor

  • Markets
    Bets increase on a soft landing in the U.S

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    What are CFDs and what are their advantages?

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    Goldman Sachs lands with more strength at Santander and BBVA

    Goldman Sachs lands with more strength at Santander and BBVA

    With inflation in recession, what stocks should you consider?

    With inflation in recession, what stocks should you consider?

    Should payment for order flow be maintained in the stock market?

    Should payment for order flow be maintained in the stock market?

    Why are Asian investors selling their tech stocks?

    Why are Asian investors selling their tech stocks?

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Here’s what the economy and markets will look in 2023, according to JP Morgan

    Are technology stocks coming to the end of their reign?

    Are technology stocks coming to the end of their reign?

    Inflation is starting to ease but not enough

    Inflation is starting to ease but not enough

  • Investing
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    Mercado Libre could be one of the best investments for the long term

    Mercado Libre could be one of the best investments for the long term

    Three cheap tech stocks for 2023

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    Where to invest in 2023? These are the most likely trends

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    Will Ford shares be profitable in 2023?

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    Some interesting options for investing in leisure and travel companies

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    Plug Power’s commitment to green hydrogen

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    Apple: consequences of the Foxconn conflict will continue until 2023

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    EU organized a party in the metaverse and nobody attended

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    The metaverse companies with the highest revenues in 2022

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    The future of cryptocurrencies, according to Larry Fink

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    How Much Bitcoin Should You Buy: 5 Factors to Consider in 2023

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    Between two extremes: what will the price of Bitcoin be in 2023?

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    FTX crash spreads and affects BlockFi

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    EU organized a party in the metaverse and nobody attended

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    Why does The WSJ continue to question Tether’s financial health?

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    Brazilian Congress approves bill to regulate cryptocurrencies

    Brazilian Congress approves bill to regulate cryptocurrencies

INVESTOR TIMES
Home Cryptocurrencies

Brazilian Congress approves bill to regulate cryptocurrencies

Santiago Contreras by Santiago Contreras
12/1/2022 - 6:30
in Cryptocurrencies
Reading Time: 1 min read
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The chamber of deputies of the Brazilian Congress approved on Tuesday a bill to boost the supervision and control of cryptocurrency trading in the South American country, which had been under discussion since the beginning of the year.

The discussion and approval of the legal instrument gained new momentum after the collapse of Sam Bankman-Fried’s crypto exchange FTX.com. The bill had already been approved by the Brazilian Senate

However, unlike El Salvador which does recognize BTC as legal tender, in Brazil only cryptocurrencies will be allowed to be used and traded legally.

Bolsonaro has the last word

Now the proposal drafted by Congressman Aureo Ribeiro (Solidariedade), will be sent by Congress to outgoing President Jair Bolsonaro for final approval

Brazil’s cryptocurrency bill contains a series of rules to regulate trading activity and financial services with digital assets provided by local and foreign DeFi sector companies

Among the rules established in the legal text are the obligation for cryptoasset trading platforms to have a physical headquarters in the country. They must also inform the regulator about any suspicion related to money laundering and other crimes.

Violators of the law will be punished with fines and prison sentences of 2 to 6 years, according to its articles. If endorsed by Bolsonaro, the bill will grant companies in the crypto industry a 180-day grace period to adapt and comply with the new rules.

Regulation of digital assets

The application of the regulations pertaining to digital assets that are considered securities falls under the competence of the Securities and Exchange Commission (CVM). Other assets that do not fall into this category will be overseen by another government-appointed regulatory body.

Proponents of cryptocurrency trading in Brazil are won over for cryptocurrency regulation. Published public opinion surveys show that Brazilians support the establishment of clear rules in that market

Brazil is one of the top 10 digital asset markets in the world, according to the most recent data from research firm Chainalysis.

After the FTX crash lawmakers and governments in countries with the highest volume of cryptocurrency trading have set alarm bells ringing to deepen regulations of these markets.

Tags: BrazilCryptocurrency billRegulation of cryptocurrencies

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