Brazil is very near to getting its new crypto regulation bill to see a better circulation or crypto industry under a better Ecosystem for the investors to remain away from misuse or bad actors’ involvement.
Brazil is a crypto and blockchain-friendly region in the world. Right now crypto trading is legal in Brazil and also Brazil has its former crypto regulation framework under which Central Bank and the Federal Revenue Agency AKA the tax collectors are handling the whole crypto industry-related controls and development works.
Around 5 months ago, lawmakers started to work on their new crypto bill to give better clarity to the crypto companies and crypto investors in the crypto market. And also to give power to all possible respective government agencies to take care of the different parts of the crypto sector in Brazil. However, at that time, few reports claimed that Brazil is working on its crypto bill to use crypto in the payment options but later reports found that all were just misunderstandings of people.
Now the newly drafted crypto bill by Brazil’s Senate Committee is approved and it will define the role of every Goverment authority in the crypto industry.
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“The Executive Branch will be responsible for defining which bodies will regulate and supervise business with cryptocurrencies.”
So Executive Branch will have a more significant power but besides its decision to give power to the government agencies, it will work to figure out the illegal/illicit/suspicious transactions of the Crypto companies, and further, it will report to the Financial Activities Control Council.
The main key role of this bill is aimed to impose the international standards-based rules to restrict and regulate the market to fight more perfectly against money laundering and concealment of assets and to combat the activities of criminal organizations.
“a digital representation of value that can be traded or transferred by electronic means and used to make payments or for investment purposes,” Portal Do Bitcoin noted.
Here we have to keep in mind that the bill is still under study and next approval phases, where the president of Brazil has authority to reject the introduction of this bill but experts believe that bill will get approved without any problems.
Read also: A Senator wants Mexico to follow El Salvador’s Bitcoin law
Brazilian senate committee approves drafted crypto bill
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