The Brazilian Parliament Passed a Bill Regulating Crypto Transactions

The Brazilian Parliament passed a bill regulating Crypto transactions. The bill still needs executive approval before it becomes law. The Brazilian parliament on Tuesday approved a bill regulating the crypto industry. The bill, which was approved by the Senate in April and suspended in the Chamber of Deputies, now needs executive approval to become law.

The bill, drafted by MP Aureo Ribeiro, creates a new fraud offense related to virtual assets, with a penalty of two to six years plus a fine. It specifies the creation of a “virtual service provider” license, which must be requested by companies, including exchanges and other crypto transactions.

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According to the text, companies will have 180 days to adapt to the new rules before the rules are implemented. The document states that crypto assets considered safe will be regulated by the Brazilian Securities and Exchange Commission (CVM), while other digital assets that do not comply with this will fall under the responsibility of another group. . Central Bank should be selected.

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