Brazilian Parliament Votes on Crypto Regulation Bill!

• -Brazilian parliament is making its resolutions for the crypto regulation bill, which aims to regulate the Brazilian crypto market. These general bills, which are particularly ambitious private member’s bills, may come into effect after being approved by the National Congress before the end of the first half of this year.
• -Deputies of the Brazilian parliament completed their preparations for an important vote on this bill on Tuesday next week. In this way, studies on the approval of the bill are continuing.

The original bill was written in company with Senator Flávio Arns of the Podemos Party. All resolutions regarding this bill passed the Senate and proceeded with its approval. It was also merged into a bill that had previously been approved by the Senate Economic Affairs Committee. This bill is known as a second crypto bill. It has content that includes crypto regulations. One of the authors of the second bill is Senator Irajá Abreu.

The Effects of Voting Are Moving Fastest in Parliament

A certain part is not satisfied with the effects of this vote together with the decisions taken by the parliament. In particular, everyone presents that they are uncomfortable with the rapid progress of the bill in the legislative system. Some Senators have stated that more time is needed before voting and that this issue should be discussed at meetings.

• -However, on the subject, the deputies also stated that they aim to realize “improvement” at a later date. For this reason, they stated that both market participants and Banco Central (central bank) aim to create faster regulatory submissions. Thus, they claimed that these institutions also participated in the calls.
• -One of the important conditions of the bill is related to the identification of crypto-assets “issued by special agents. In particular, it will be defined as a kind of purely digital money sold only on the internet” and will be made available in the market.
• -One of the items in the bill is closely related to the case that coins are not considered illegal. All cases are clearly stated on the subject, making it clear that they “operate outside of the business rules and the Brazilian financial sector”. One of the sanctions against new crypto-related fraud crimes seems to be jail time.

For this reason, regulations will be made by crypto exchanges and intermediary institutions on this issue. But a limit will be drawn about the endangerment of free “enterprise and competition”.