The Public Security Commission (CSP) has taken an important step in the fight against financial crimes and digital fraud and approved on Tuesday (3) Bill (PL) 3.706/2021, which penalties of up to eight years in prison for those involved in financial pyramid crimes.
The bill, originally proposed by Senator Eduardo Braga (MDB-AM), was approved by the Deputy Rapporteur, Senator Soraya Thronicke (Podemos-MS), and will be analyzed by the Constitution and Justice Commission (CCJ).
The proposal also targets cryptocurrency scammers, with measures to combat crimes involving virtual assets and digital payment methods.
Piramideiros faces eight years in prison
Faced with the scenario of increasing bank fraud and digital scams in Brazil, authorities began to study effective strategies to combat such illegal practices, especially in an era when the digitalization of the economy is increasingly present and accelerated.
Fraud, which often involves cryptocurrencies and digital payment methods, has demonstrated the agility and creativity of organized crime in innovating and diversifying strategies, Soraya said.
The text is not limited to punishing those involved in financial pyramids, but also aims to provide a solid structure for preventing digital fraud and protecting users.
PL 3.706/2021 also proposes the implementation of measures that promote the security of digital banking transactions, including limits for transactions via PIX, allowing reconciliation to customer history and giving consumers the opportunity to disable transfer functions, if they want that.
In addition, companies, such as banks and other entities offering payment and remittance services, will be required to implement robust risk management and cybercrime prevention policies.
In light of shared responsibility, smartphone manufacturers and suppliers may be forced to compensate consumers for financial damages resulting from security flaws in their devices and operating systems.
Cryptocurrency segregation
In the cryptocurrency scenario, where digital assets are playing an increasingly important role, the legislative proposal seeks to clearly separate the assets of companies from those of investors, a measure designed to provide consumers and investors with an additional layer of security and trust.
In an effort to curtail the activities of criminals in the financial environment, Senator Soraya also listed crimes that, if committed, could result in the banning of the use of products and services of the banking system and capital markets and virtual assets by the convicts.
With the adoption of the new law, Brazil will make more robust and definitive progress in the fight against fraudulent practices that have harmed investors and threatened the financial integrity of many people.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.