Following the approval of the crypto regulation bill by the Brazilian parliament, Jair Bolsonaro, the President of Brazil signed the crypto regulation bill into law on Thursday.
However, you can be ahead of other traders on Binance, Kucoin and Bybit exchanges through personal interaction with MyCryptoParadise experts, use PRO20% for your special 20% discount today as the promo expires soon. Click here to see reviews from our clients.
Brazil President Signs Crypto Law Bill
According to a journal released by the Brazilian federal government on December 22, the office of the president announced the signing of bill 14.478 into law after approval by the Brazilian legislators last month. It also establishes a licensing regime for virtual asset service providers and sets punishments for fraud using digital assets.
There was no federal government agency required to be in charge of the crypto payments, according to Bolsonaro’s publication. However, like the United States, crypto assets which are considered securities fall under control of the financial watchdogs of Brazil’s Securities and Exchange Commission. The law also included provisions likely made in response to the collapse of FTX, requiring exchanges to distinguish between user and company assets.
As per the content in the bill, unlike El Salvador where Bitcoin can be used as legal tender in the country, Bitcoin will not be used as legal tender in Brazil, however, the recently signed law comprises a lot of virtual currencies under the definition of legal payment methods in the country.
Although the current Brazil president’s tenure will be ending in a matter of days, the newly signed law is expected to take effect from June next year. Luiz Inácio Lula da Silva, the president-elect will be assuming office on January 1, 2023, Lula who has been a president of Brazil had at a point commented in favor of blockchain and crypto adoption.
Join our telegram channels where we share our FREE updates and analysis on coins like BTC, ETH, and other trending altcoins. We also share our FREE secret insights, and also FREE market updates.
- My Binance Paradise – https://t.me/MCP_binance
- My KuCoin Paradise – https://t.me/MCP_KuCoin
The IRS will audit Cryptocurrency, get help NOW The IRS views crypto as property, not currency, which means that mining, selling, exchanging, or spending your coins are all taxable events that you need to report. Cryptocurrency and Bitcoin taxes are a tricky field to navigate. Even today, IRS guidance remains quite vague, and many CPAs don’t know how to properly file crypto taxes. However, despite confusing or unclear guidelines, the IRS has made it very clear they want you to report your crypto. However, we have professional crypto finntech engineers who can help bypass all of that with your new or existing investment.
cryptotaxconsult @ proton .me