The prediction of Deputy Expedito Netto (PSD-RO) that the vote on the “bitcoin law” in Brazil could take place in June revived the debate on the regulation of brokerage houses of cryptocurrencies in Brazil. The project puts on opposite sides the exchange houses, which are reluctant to adapt to Brazilian rules, and the already regularized brokers who, when operating in the internal market, follow a series of regulations. that, although not yet mandatory, bring more security and transparency to transactions with virtual assets.
The Federal Revenue Service estimates that this market moves around R$ 130 billion per year in Brazil, while the Federal Police and the Civil Police of São Paulo calculate in R$ 6.5 billion damages caused by theft and fraud with cryptocurrencies in the last two years. .
Although there is no specific regulation for operators, the object of the proposal being debated in the Chamber of Deputies, Any brand that wants to operate in Brazil must follow other laws such as the Consumer Code, Civil Code, rules established by the General Data Protection Law and by the Normative Instruction No. 1888/19 of the Federal Revenue, which defined the concept of crypto assets. Most of the companies in the segment that operate in Brazil already report information to Coaf and the Federal Revenue, carrying out prevention of money laundering, currency evasion and financing of terrorism.
Professor Marcelo Crespo, coordinator of the Law course at ESPM (Superior School of Propaganda and Marketing)say what the regulation of cryptocurrencies in the country offers legal security to all. The bill that regulates the cryptocurrency business in Brazil is ready to advance in the Chamber of Deputies. “The text is relatively broad in the regulations, leaving part of the law for infralegal issues (norms that are not built by the legislator). For some years now, people have had the possibility to invest in these assets, but there has always been some doubt about the legality. Many people also began to ‘demonize’ cryptocurrencies as if they were used exclusively to ‘launder’ money.he added.
Recently, ABCripto (Brazilian Association of Cryptoeconomics) delivered a letter to federal deputies in support of PL 4401/21 – (Bitcoin Law). The document highlights that the project does not create obstacles to innovation typical of the technology sector, but only establishes rules to prevent the escalation of scams and fraudlike the financial pyramids, which have been staining the crypto market.
We contacted the Brazilian Chamber of Deputies to find out when the draft regulation will be voted on. The Chamber responded that the project is urgent and must be voted on soon, but did not provide a specific date.. If approved in the Chamber of Deputies, to become law, the project still needs the sanction of the president of BrazilJair Bolsonaro.
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