The Senate of Brazil has finally passed the bill that governs cryptocurrencies in a complete session and a regulatory framework will be created. This is the first bill of the country to build a framework of regulations for the industry of crypto. The Chamber of Deputies must sign the bill and following that Jair Bolsonaro, the President of Brazil must also give his authorization for the bill to become a law.
Extraordinary Day For Brazil As Cryptocurrency Bill Was Approved
The whole procedure will be completed by the end of this year. The approval session of the project was headed by Rodrigo Pacheco, the President of the Senate. He thanked Irajá, the reporter of the project who gave his approval for this significant bill for the crypto industry. The above-mentioned bill was first introduced by Aureo Ribeiro, the Federal Deputy, in the year 2015.
The session was marked by lengthy deliberation where a confirmation came from the Senate that the executive branch of the country will be given the responsibility to make rules and regulations regarding assets of crypto. A regulator can also be formed or powers can be delegated to the Central Bank of Brazil (BC) and the Securities and Exchange Commission (CVM).
Some discussions about correct and fitting penalties for the crimes of crypto like frauds were also discussed by the author of the bill, Senator Arns. He stated that the penalty must be based on the number of funds related to money laundering, fraud, or other crypto-based crimes.
This policy of giving punishments was also supported by Senator Rose de Freitas who stated that the market of Brazil already has transferred $40 billion to the country. They also thought of a way to give incentives to miners of crypto to launch their shops in Brazil. The import of mining tools of ASIC into the said country will have to give no tax at all.