THE DAILY ENCRYPT

October 4, 2022

Brazil Looks to Complete and Announce its Crypto Bill This Week

The Chamber of Deputies in Brazil could approve a cryptocurrency bill that was introduced earlier in the year. Ricardo Barros (the leader of the Federal...
Photo by David_Peterson

The Chamber of Deputies in Brazil could approve a cryptocurrency bill that was introduced earlier in the year. Ricardo Barros (the leader of the Federal Government in this Chamber), said that the bill will be debated, although there are no reports about a vote. The Chamber will also be discussing other time-sensitive bills.

Brazil is closer to regulating virtual asset service providers (VASPs) and cryptocurrency assets. Along with other time-sensitive bills, the cryptocurrency bill (number 4.401/2021) will be dealt with this week. Ricardo Barros (leader of the Federal Government in Deputy Chamber of Congress) made the report. He stated the bill can be voted upon this week.

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Brazil is currently in pre-election mode with the October 2 presidential ballot. The congress may not address sensitive issues to avoid shifting the electorate. If the cryptocurrency bill is approved and voted on, it will need to be sent to Jair Bolsonaro, president, for final approval. Other important laws will be discussed by the Deputy Chamber this week, including a bill on remote work.

Local media reports that the cryptocurrency bill could be presented to the Deputy Chamber this weekend for review by them. The history of this project in Brazil has been somewhat complex. The current bill is the result of two projects that were combined by its proponents. They wanted to approve this year’s crypto-centric law.

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In April, the Brazilian Senate approved the project. It aims to regulate cryptocurrency exchanges through one regulator. The project also legalizes cryptocurrency mining and provides tax exemptions for institutions that use 100% renewable energy to establish mining farms.

The cryptocurrency bill project’s deputies stated in interviews that the main motivation behind the law was to penalize cryptocurrency scams in the country. The project defines a new type of cryptocurrency-related crime, and imposes severe penalties on individuals and businesses involved in this crime.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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