• Sat. Jun 22nd, 2024

Brazil May Legalize Crypto Regulation Bill This Week

Aug 4, 2022

According to reports, a crypto legislation proposed at the start of 2022 may be approved by the Brazilian Chamber of Deputies this week. According to an official in the Chamber, Ricardo Barros, the law is scheduled for discussion this week. 

However, there have been no rumors of a potential vote for the bill. This is because the Chamber is also scheduled to address other sensitive issues. 

Brazil To Discuss Crypto Bill This Week

Brazil is inching closer to governing VASPs (virtual asset service providers) and digital assets. The crypto measure with the code 4.401/2021 is scheduled to be discussed this week. 

As stated by Ricardo Barros, the leader of the federal government in the Chamber, the proposal can be passed on this week.

However, the national election is scheduled for October 2nd. Hence, Brazil is currently preparing for the election. 

As a result, the congress could refrain from discussing sensitive topics to prevent influencing the voters in one direction or another. Meanwhile, the Chamber would have to Sumburgh the crypto bill to Jair Bolsonaro, the country’s president, for approval. 

According to news sources, the crypto legislation might be sent to the Deputy Chamber this week for review. However, this crypto project has a complicated history.

The bill is a combination of different crypto projects. The supporters of the bill joined two bills together to foster the introduction of crypto law in Brazil this year.

Crypto Bill To Create A Single Regulator 

In April, the Brazilian Senate approved the crypto project. Meanwhile, the proposal seeks to create one regulator to oversee and govern crypto exchanges.

Additionally, the initiative legalizes crypto mining in the country. It also enforces tax exemptions for mining firms that use 100% sustainable energy for their mining operations.

This would be a welcome development for crypto firms struggling with taxes in other countries. Also, it could make Brazil a hub for crypto miners. 

In past interviews, those being the crypto bill noted that the bill would help to fight crypto scams. This has become a major issue in the country as several investors have lost their funds.

As a result, the crypto bill project defines the various kinds of crypto-related crimes. Also, it melts out punishment for companies and individuals that perpetrate such crimes.

Meanwhile, the usage of digital currencies in Brazil has increased tremendously. Several firms have been moving into the country while awaiting the upcoming crypto legislation. 

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