The federal senate passed the bill pending in the national congress called “Marco das Cryptocurredas”. The vote took place last Tuesday (26), after being postponed for two consecutive weeks.
The project’s rapporteur, Senator Irajá, recalled that this regulatory framework seeks legal certainty for investors. This is because in recent years, fraudulent companies have been active in the market offering fixed income and defrauding people to get away with their crimes.
In addition, he recalled that the market has moved billions because it is a gigantic market and the problems need to be solved.
That is why the regulatory framework being discussed in the Senate, of which I am the rapporteur, is intended to provide transparency to transactions and legal certainty to users and investors.
— Iraq (@irajasenador) Apr 26, 2022
“Cryptocurrency Framework” Is Approved by Federal Senate
After years of discussion, with a bill in the Senate since 2019, the Brazilian legislature finally approved the wording for this issue.
During this Tuesday’s session (26), the senators discussed the matter extensively, with the senators recording highlights to supplement the project, situations that would change the bill but withdraw their points after the discussion.
Then the senators voted to pass Bill No. 4.401/2021, written by Deputy Aureo Ribeiro.
The new law creates rules for crimes committed using cryptocurrencies, which will now be punished, including those who disclose fraudulent schemes.
How is it after approval?
Like the proposal passed in the Federal Senate, the text makes it clear that the executive branch must choose the government agency responsible for inspecting companies operating in the sector. There are strong indications that the situation will be referred to the Central Bank of Brazil, which should carefully regulate brokerage houses.
Senate President Rodrigo Pacheco will now forward the proposal again to the Chamber of Deputieswho will assess the proposal and send it for sanction.
The final stage of this approval is the presidential sanction, which cryptocurrency exchanges and banks expect in 2022.
The growth of cryptocurrencies in Brazil goes far beyond the blows that have tarnished the image of this market. Many companies accept this as a means of payment.
In addition, other companies buy Bitcoin, for example as a store of value around the world. Another opportunity for organizations to operate in the country is mining with cryptocurrencies, which are exempt from import taxes as long as they use renewable energy.
With the new Brazilian measures, parliamentarians hope to make clearer rules for anyone interested in working with this technology, even if the focus is on companies and not cryptocurrencies themselves.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
