Brazil legalizes cryptocurrencies

The Brazilian Senate on Wednesday voted to legalize digital assets. The bill, which dates from 2019, could become law in the coming months, before the end of 2022, if it is signed by the country's president.

The document regulating the services of electronic trading platforms was prepared and published on February 7, 2019 by Senator Flavio Arns. The proposed bill:

  • defines the basic concepts of the cryptosphere;
  • introduces methodological recommendations;
  • describes the exchange licensing process;
  • determines the regularity of the work of supervisory authorities, as well as KYC control measures, penalties for violators and aspects of combating fraud and money laundering.

Analysts call the key aspects of the bill the exemption from fees for the import of mining equipment, as well as a clear punishment for tax evaders and illegal entities providing crypto services without a license. The bill states that the punishment for a crime will depend on the amount of damage caused.

Details of government policy indicate a desire to control the cryptocurrency space. This function will be entrusted to representatives of the executive branch. At the same time, the Brazilian Chamber of Deputies will not exercise control over this area. However, legislators will be able to take part in the development of additional laws, stimulating innovation in the digital economy of the state.

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CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources . Cryptocurrency is a high-risk asset, investing in it can lead to losses. Readers should do their own research before taking any action.

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