The Brazilian Senate is expected to vote on a crypto regulation bill that will set the country as the largest country in South America to regulate the usage of cryptocurrencies in their territory.
The Senate Economic Affairs Committee unanimously agreed to the bill on February 22 before the voting by the Senate. It is believed that the approval will improve the probability that the bill is passed into law after due process. Immediately it receives a positive vote from both the Senate and the lower house, the bill will be sent to President Jair Bolsonaro for signing.
The crypto regulation bill will state the guidelines that must be followed to use cryptocurrencies and virtual asset services within the country. Irajá Abreu, a Brazilian Senator stated on February 22 that he believed the regulation will curb the activities of criminals that use crypto to perpetuate their crimes.
“The intention of the project is to curb or restrict illegal practices, such as money laundering, tax evasion and many other crimes. There is a market that is lawful, legal, which is the vast majority of this market, but there are exceptions.”
The proposer of the bill, Senator Abreu told Bloomberg,
“Once this regulation is approved, the trend is that (crypto) will be more and more adopted in the supermarket, in commerce, in a car dealership.”
The bill has been under scrutiny and development since 2019 after being originally proposed by Senator Abreu. It defines virtual assets, cryptocurrencies, crypto brokers, and other related aspects and activities in the crypto space.
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