A cryptocurrency bill was approved by the Brazilian Chamber of Deputies this week. Ricardo Barros is the head of the Federal Government within the Chamber. Although the bill has been discussed and is expected to go to a vote, reports do not indicate if it will. Instead, other urgent bills are being considered by the Chamber.
The Cryptocurrency Bill will be discussed this week
Brazil is moving closer to the regulation of virtual assets (VASPs) and cryptocurrency assets. Along with other urgent bills, the cryptocurrency bill (number 4.401/2021) will be discussed this week. Ricardo Barros who is the head of the Federal Government within the Deputy Chamber of Congress made the report. He stated that it can be voted on in this week.
Brazil is still in preelection mode. The presidential vote will take place on October 2. Therefore, it is possible that the congress will not deal with sensitive matters in order to prevent the Congress from influencing the electorate. The final sanction of the cryptocurrency bill would be given to Jair Bolsonaro if it is approved by congress. This week’s Deputy Chamber will also discuss important legislation, such as a bill on remote work.
Brazilian Cryptocurrency Regulations
According to local media sources, the cryptocurrency bill may be introduced this weekend in order to be considered by the Deputy Chamber. The history of this project in Brazil has been somewhat complex. It is the culmination of two separate projects, which were part of the effort of its supporters to approve this crypto-centric bill.
Brazilian Senate approved the project in April. It seeks regulation of cryptocurrency exchanges through the creation of a single regulator. The project also legalizes cryptocurrency mining and provides tax exemptions for institutions that use 100% renewable energy to establish mining farms.
As previously stated, cryptocurrency bills are being drafted by the government to help punish the nation’s cryptocurrency-related crimes. The project defines new types of cryptocurrency-related crimes and imposes severe penalties on individuals and businesses involved.
What do you think about the possible approval of a cryptocurrency-centric bill in Brazil? Leave a comment below.
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