Brazil's Senate has passed legislative stage of a bill describing rules for cryptocurrency funds, Bloomberg reports. The Committee on Economic Affairs unanimously approved the text on Tuesday, and the bill now goes to a vote on the senate floor. President Jair Bolsonaro might signing the bill into law after and if it passes the lower house.
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The bill defines cryptocurrencies and classify their service providers. The federal government will also have to decide which body will be responsible for regulating the crypto market. As per Senator Iraja Abreu, the central bank might be the top regulator as it had "actively participated in the construction of the bill."
The bill also says cryptocurrency service providers must prevent money laundering, while combating criminal organizations. The document also also provides for imprisonment and fines for violations.
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