The Federal Senate approved this Tuesday (26), in a symbolic vote, the Bill that regulates the cryptocurrency market in Brazil. In addition to digital currencies, the project covers cryptoassets, such as NFT’s (Non-Fungible Tokens) and stablecoins – cryptocurrency linked to traditional market assets, such as the dollar and gold.
The PL brings the definition of concepts, guidelines, Exchange licensing system, platforms for buying and selling cryptos, which will be under supervision and inspection by the Central Bank (BC) and CVM (Securities Commission).
There are also measures to combat money laundering and other illicit practices and penalties applied to fraudulent or reckless management of digital currency exchanges.
The objective is to establish rules to guide the commercialization of crypto-assets in Brazil, in addition to rules for consumer protection and defense, combating financial crimes and transparency of operations.
The PL is authored by Senator Flávio Arns (Podemos-PR), the matter has Senator Irajá (PSD-TO) as rapporteur. The project is now going to be analyzed by the Chamber of Deputies.
Since August 2019, operations with crypto assets need to be declared to the IRS. These records show that the number of individuals involved in the market almost doubled, from 186,721 in the first month of the obligation to 325,066 in February this year.
The number of legal entities almost quadrupled, going from 2,261 to 8,591 in the same period.
The war in Ukraine still highlighted the issue worldwide. Crypto asset movements were used both for donations to those affected by the conflict and for the protection of financial assets.
Source: CNN Brasil
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