Yugocean
Valued Contributor
Brazil's Chamber of Deputies has approved the pending crypto regulation bill. The bill had previously been approved by the Senate and has been pending in the Chamber of Deputies since April.
Approval Awaited
Now this bill has been sent to the President of Brazil for approval. The term of Brazilian President Jair Messias Bolsonaro ends on December 31, 2022. President Bolsonaro may have argued with deputies to make a decision before his term ends. That's why it is possible that he will make a decision before the next presidential election.
If it becomes law
If the bill is passed, it will make bitcoin and its equivalents legal assets in Brazil. This will allow bitcoin to be employed for payments. In addition, the market will be monitored by government bodies selected by the executive branch to prevent money laundering and crypto-related scams.
Regulations
Bodies such as the Federal Tax Authority and the Brazilian Securities and Exchange Commission might be made regulatory.
Approval Awaited
Now this bill has been sent to the President of Brazil for approval. The term of Brazilian President Jair Messias Bolsonaro ends on December 31, 2022. President Bolsonaro may have argued with deputies to make a decision before his term ends. That's why it is possible that he will make a decision before the next presidential election.
If it becomes law
If the bill is passed, it will make bitcoin and its equivalents legal assets in Brazil. This will allow bitcoin to be employed for payments. In addition, the market will be monitored by government bodies selected by the executive branch to prevent money laundering and crypto-related scams.
Regulations
Bodies such as the Federal Tax Authority and the Brazilian Securities and Exchange Commission might be made regulatory.
