Brazil Inches Towards Crypto Regulation

Brazil’s cryptocurrency bill is set to be presented to the country’s parliament this week.

The bill, which seeks to regulate cryptocurrency assets and virtual asset service providers (VASPs) was first proposed to the Chamber of Deputies in Brazil earlier this year.

According to local media, the cryptocurrency bill, which might be presented this weekend seeks to provide for a crypto-centric law before the end of the year.

The project was approved by the Brazilian Senate in April and seeks to regulate cryptocurrency exchanges by creating a single regulator to deal with the issue. In the same way, the project legalizes cryptocurrency mining and establishes tax exemption rules for mining institutions that present green projects using 100% renewable energy for the establishment of mining farms.

However, with other issues presented on the table of the Senate, local media reports that a vote might not be passed soon.

The leader of the Federal Government in the Deputy Chamber of Congress, Ricardo Barros, confirmed this.

Barros had earlier said that the bill will address issues of cryptocurrency-related scams and the prescription of penalties for offenders.





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