Crypto Regulation Bill heads to Senate for Voting for the First Time in Brazil

Synopsis

“Amidst all the FUD in the crypto market, there is good news circulating around too. The crypto regulation in the largest Latin American Country is around the corner as the crypto regulation bill heads towards the senate for voting and approval for the first time. If the bill passed, the lawmakers believe that will increase the use of cryptocurrencies around the country.”

Amidst the macro FUD looming over the crypto market, there is something to cheer upon as the crypto regulation bill has been approved by the Senate’s Economic Affair Committee of Brazil. The bill now heads to the Senate floor for approval. Once, the bill is passed in both the upper and lower house of the Senate, it will then be sent to the Brazilian President Jair Bolsonaro who will then sign it into a law.

According to the Brazilian Senator Irajá Abreu, “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 licit, legal, which is the vast majority of this market, but there are exceptions. Once this regulation is approved, the trend is that (crypto) will be increasingly adopted in the supermarket, in commerce, in a car dealership”. 

The bill has been in creation for about 3 years now and contains all the details of what a virtual asset will constitute, what will be the nature of crypto exchanges and which department will regulate the industry. If the bill gets passed which has a high chance to be passed, Brazil will be the largest country in Latin America to regulate cryptocurrency as currently the most popular Latin American country accepting cryptocurrency is El Salvador.