Brazil May Approve Its Cryptocurrency Law This Week – Regulating Bitcoin News

This week, the Brazilian Chamber of Deputies may approve a cryptocurrency bill that was introduced earlier this year. According to the head of the federal government in the chamber, Ricardo Barros, the bill is set to be debated, but there are still no reports of a possible vote, as the chamber is set to discuss other time-sensitive bills.

Cryptocurrency Bill on agenda to be discussed this week

Brazil is moving closer to regulation of cryptocurrency assets and virtual asset service providers (VASPs). The cryptocurrency bill, identified with the number 4.401/2021, is due to be processed this week, along with other time-sensitive bills. The report was made by the head of the federal government in the Deputy Chamber of Congress, Ricardo Barros, who stated that the bill could be voted on this week.

However, Brazil is in pre-election mode, with the presidential vote set to take place on October 2. As such, Congress may not discuss sensitive issues to avoid swaying voters to one side or another. However, if the cryptocurrency bill is finally voted and approved, it must be transferred to President Jair Bolsonaro for its final sanction. The Chamber of Deputies will also discuss other important laws this week, including a law on remote working.

Background on cryptocurrency regulation in Brazil

According to local media, the cryptocurrency bill may be presented this weekend to be reviewed by the deputy speaker. This project has had a somewhat complicated history in Brazilian institutions. The current bill is the result of the combination of two different projects as part of the work of its advocates, who wanted to approve a cryptocentric law this year.

The project was approved by the Brazilian Senate in April and seeks to regulate cryptocurrency exchanges by creating a single regulator to handle the issue. Likewise, the project legalizes cryptocurrency mining, and establishes tax exemption rules for mining institutions that present green projects that use 100% renewable energy for the establishment of mining operations.

In previous interviews, the representatives behind this cryptocurrency bill project have stated that one of the biggest motivations behind the law is to punish cryptocurrency fraud in the country. To this end, the project also defines a new type of crypto-related crime and establishes severe penalties for individuals and companies involved in this type of crime.

What do you think about the possible approval of a cryptocurrency-centric bill in Brazil? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. Describing himself as late to the game, he entered the cryptosphere when the price surge occurred during December 2017. He has a computer engineering background, lives in Venezuela and is influenced by the cryptocurrency boom on a social level, offering a different point of view on crypto success and how it helps the unbanked and underserved.

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