Brazilian Senate to Consider Cryptocurrency Regulation Bill

The Brazilian Senate will consider a bill to regulate cryptocurrencies, which was unanimously approved on February 22 by the Senate Committee on Economic Affairs.

According to Bloomberg, the bill provides for the suppression or restriction of illegal activities related to cryptocurrencies, such as money laundering, tax evasion and many other crimes.

The bill defines the meaning of “virtual asset” (VA), “broker” or “exchange”. In addition, the bill specifies which bodies of the federal government will oversee the cryptocurrency industry in the country.

According to the document, a virtual asset is “a digital representation of value that can be sold or transferred electronically and used to make payments or for investment purposes.”

A crypto broker or exchange is a legal entity that allows “participation in financial services and the provision of services”, as well as exchanges between virtual assets and fiat currency, and exchanges between virtual assets themselves. Also, such a legal entity has the right to transfer and store virtual assets.

If the bill passes, Brazil will become the largest country in Latin America to regulate cryptocurrencies.

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