A bill to allow crypto regulation in Brazil is set to appear before the Senate. Only after securing approval from the Brazilian Senate plenary, as well as its lower house, will President Jair Bolsonaro be able to approve or veto the bill.
Introduced by Senator Flávio Arns, the crypto bill seeks the regulation of operations with digital currencies on electronic trading platforms in Brazil. The bill is also seeking the legitimization of digital assets in the Latin American nation. After clearing Brazil’s economic affairs committee on Tuesday, the bill, which also prescribes crypto guidelines, must clear the Senate. This comprises ratification by the Brazilian Chamber of Deputies, the country’s lower house. Also, this is the first time that such a bill is coming under consideration in South America.
The proposed legislation in South America’s largest nation also takes measures designed to tackle money laundering and other illegal activity into account. The bill also includes applicable penalties for fraudulent or negligent management of crypto exchanges.
According to the crypto bill, Brazil’s central bank will handle the supervision and inspection of digital assets. In addition, the Latin American country’s securities and exchange commission, Comissao de Valores Mobiliarios, will be responsible for regulating initial public offerings (IPOs).
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