Brazil to analyse crypto regulatory framework

Friday 14 January 2022 13:25 CET | News

The Brazilian Senate has announced that it will consider, in February 2022, three bills related to the regulatory framework for cryptocurrencies.
In particular, the three bills are: 
  • Bill No. 3,825/2019 on services related to operations carried out with crypto-assets and electronic trading platforms; 

  • Bill No. 3,949/2019 on virtual currency transactions and operations of cryptocurrency exchanges; 

  • Bill No. 4,207/2020 on the activities of legal entities with virtual assets and on crimes related to the fraudulent use of virtual assets. 

Moreover, the Senate detailed that the need for a regulatory framework for the cryptomarket is necessary due to: 
  • the significant volume of financial resources traded in crypto-asset operations; 

  • the importance of the impact of virtual currencies in services related to operations carried out with crypto-assets on electronic trading platforms; 

  • the necessity to combat crimes related to the fraudulent use of virtual assets;

  • the creation of a transparent business environment for cryptocurrencies. 

As such, the Senate further noted that the bills would support the creation of national guidelines on subjects such as: 
  • the definition of crypto-assets or cryptocurrencies; 

  • the definition of the regulated companies, such as virtual asset exchanges or brokers, which would be responsible for working with cryptocurrency resources; 

  • the classification of the virtual asset service provider as the company that takes actions on behalf of third parties; and 

  • the necessity to ensure that the Federal Revenue and the Central Bank have the power to act as regulators of the virtual currency market.

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Keywords: cryptocurrency, regulation, digital assets, virtual asset
Categories: DeFi & Crypto & Web3
Countries: Brazil
This article is part of category

DeFi & Crypto & Web3