The bill passed a key legislative stage after Senate’s Economic Affairs Committee unanimously approved it.
Brazil’s crypto regulation bill has passed a crucial legislative stage in Senate, where it’s now slated for voting. The development came on February 22 when the Senate’s Economic Affairs Committee unanimously adopted the proposals.is passed by the Senate, it will move to the lower house, the Chamber of Deputies, where it will be discussed and voted upon. If it is passed by the lower house as well, it will be presented before President Jair Bolsonaro to sign it into law.
The regulation should ensure that investors’ interests are protected by the law. Misuse of cryptocurrencies through money laundering, terror financing, and other similar activities will also come under the legal net.Introduced by senator Flavio Arns, the bill defines virtual assets and service providers such as brokers and digital assets exchanges. It stops the Brazilian Securities and Exchange Commission from regulating crypto activities, except initial coin offerings .
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