Brazilian Senators Plan to Consider Bill on Crypto Regulation

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The Brazilian Parliament plans to consider a bill to regulate the relations between holders of digital assets. On February 22, the Senate Economic Committee adopted the document and submitted it to the upper house of parliament.

After the bill receives support from the Senate, it will be submitted to the lower house of parliament for consideration. After that, the document will receive the signature of the country’s president Jair Bolsonaro.

If the crypto industry is legalized in Brazil, the country will become the largest state in the world to recognize Bitcoin as a full-fledged tool.

The law was drafted by a group of senators led by Flavio Arns. According to the draft, regulatory functions will be entrusted to the Central Bank and the Brazilian Securities and Exchange Commission (ICO).

The bill includes fines and imprisonment sentences for criminal activity using digital assets. In addition, cryptocurrency companies registered in Brazil will not have to pay any taxes.