The president of Brazil signed off a new crypto bill to introduce a more precise & strict regulatory framework on the crypto exchanges.
Brazil is a technology-adaptive region in the world and the past few years Brazilian citizens showed significant Inclination toward the crypto & blockchain sector because of the multiple opportunities associated with this innovative sector. In the present time, many small & big companies use cryptocurrencies in their financial activities.
On 22 Dec, Jair Bolsonaro, President of Brazil, signed a new bill to approve the introduction of the new rules on the crypto companies & Crypto sector.
New law sets guidelines for how crypto exchanges operate in Brazil. This is a major step towards strengthening the crypto ecosystem.
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Another great move that brings more credibility to this industry, improves user protection & targets mainstream adoption.https://t.co/aPaV3vs0M8
— CZ
Binance (@cz_binance) December 22, 2022
In late November of this year, this bill was successfully passed through parliament. Now the official effect of this bill will bring new abilities for the crypto companies.
Reportedly, this bill allows crypto companies to easily register in Brazil and also provide easy crypto-to-fiat conversation services. This bill also includes a new regulation system on the Crypto companies, to prohibit illegal activities & possible scam activities with the crypto transactions.
Under the introduced bill, all the crypto assets deemed as Security will fall under the regulatory jurisdiction of the Brazilian securities regulatory body. While other types of crypto assets will be regulated by a dedicated new agency, which will be soon established by the Brazilian agencies.
Now all the Brazilian crypto companies have 6 months of maximum time to adapt the new rules in their platform.
It is worth noting that Crypto-related bills are fastly accelerating to get approval & new measures are speedly coming in the existing regulatory system, after the collapse of the second biggest crypto exchange FTX which filed for bankruptcy in a US bankruptcy court with more than 100s of its affiliated companies on 12 Nov 2022.
Read also: SBF secures bail, Crypto Community confuses
Brazilian Crypto platforms have 6 Months to adapt new regulations
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