Brazil's Parliament Approves Bill on Crypto Regulation
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Nov. 30, 2022

The Brazilian Chamber of Deputies has approved a bill to regulate the crypto industry.

Although the Senate approved the document in April, since June it has been in the lower house of parliament. The bill is now awaiting the president's signature.

The document, which is authored by deputy Aureo Ribeiro, introduces a new type of crime: fraud using digital currencies, for which two to six years in prison are provided in addition to a fine.

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If the bill is approved, companies in the crypto industry will be required to obtain licenses of a "virtual asset service provider." A transitional period of 180 days is allotted for adaptation to the new rules.

Crypto assets classified as securities will be regulated by the Brazilian Securities Commission, whereas the remaining cryptocurrencies will fall under the supervision of another department.

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