Brazil’s Crypto Regulatory Law Receives Approval from President
Brazil’s President Jair Bolsonaro, who will leave office on December 31, has just signed a bill to regulate the digital currency market that recognizes innovative instruments as a means for payments and capital accumulation.
The country’s President has signed the law after it was approved by the Brazilian Parliament.
Unlike El Salvador, Brazil does not allow paying for goods and services with Bitcoin. However, it allows the use of stablecoins as a means of payment.
In addition, the document introduces mandatory licensing of crypto companies, which must receive the status of virtual service providers. Digital currencies will be regulated according to the scheme that applies to the securities market.
The Securities and Exchange Commission of Brazil will receive regulatory functions and will be responsible for protecting investors.