Brazilian President Signs Crypto Regulation Bill

Brazilian President Signs Crypto Regulation Bill

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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.

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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.

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Angela James
Angela James
1 year ago

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