Brazilian Senators will vote on the crypto regulations bill, which had been approved by the Senate’s Economic Affairs Committee on February 22. If it passes, the bill will be addressed to President Jair Bolsonaro and will come into effect after he signs it.
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The document sets guidelines stating that the crypto sector must promote free enterprise and competition. It aims to prevent crimes like money laundering, tax evasion, to manage risks and to protect consumers' savings.
Senator Irajá Silvestre Filho said although the majority of the crypto market is legal, there are also exceptions. He finds that with the Central Bank's regulating the market, cryptocurrencies can be a good investment option, suggesting alternative means of payment.
The bill was originally issued in 2019 by Senator Abreu. Currently, it includes some changes recommended afterwards. In an interview with Bloomberg, he said once crypto regulations take into effect, digital assets usage will grow essentially. The paper defines that the executive branch will authorize crypto companies to operate, and it will choose an industry supervisor. Lawmakers say crypto isn’t security and the Securities and Exchange Commission (Comissao de Valores Mobiliarios) won’t regulate the sphere except for ICOs.