Brazil's parliament transferred voting on a bill on the regulation of crypto acts - Bits Media

The Chamber of Deputies of Brazil underwent consideration of the bill on digital currencies in the first reading from this week to October, Date immediately after the presidential election.

For the first time, the bill on the regulation of cryptocurrencies in Brazil was submitted in February and Unanimously approved by the Senate of Brazil on Economic Affairs. As the local media report, The adoption of the bill was postponed in connection with the, that lawmakers did not come to a consensus on the final version.

The first article of the document meant, that cryptocurrency exchanges should store their funds separately from user assets. According to the second article, Before applying for a license, allowing exchanges to conduct activities in Brazil, Trade platforms are required to receive the identification number of the employer (A) To resolve taxation issues.

However, these provisions were removed from the initial version of the bill Congressman forwardito Netto (Expedito Netto), responsible for introducing a bill to the lower house of the Brazil Congress. The provisions caused disagreement among representatives of cryptocurrency platforms. Many local exchanges agreed with the original text, proposed by the Senate, which included articles. And foreign sites, such as Binance and Bitso, welcomed the changes, The proposed Netto. Therefore, it was decided to resume discussions and consultations after summing up the results of the presidential election in October.

If the bill is adopted, executive authorities will supervise the companies, working with digital assets. The law also implies a strict punishment for cryptocurrency fraud: large fines and imprisonment up to 16 years old.

Due to the increase in cryptocurrency crimes in Brazil, The local prosecutor's office created a separate unit for their investigations. The prosecutor's office also expressed the willingness to train those who wish to safely use crypto assets.