The Brazilian Senate has approved a law that brings the country closer to the regulation of cryptocurrency transactions.
What happened: Bill made by Senator Flavio Arns Proposes regulation of crypto assets and proposes supervision between the country’s central bank and tax authorities.
The bill has not yet been voted by the State Vice-President and may be rejected by the President of Brazil.
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Important reason: The Arnz bill exempts cryptocurrencies from coming under the jurisdiction of the Brazilian Securities and Exchange Commission. However, the first coin offering is subject to regulatory authorities.
In particular, the bill exempts the following hardware: Bitcoin BTC / USD Mining from taxation to 2029 if the company is 100% carbon neutral.
The law on crimes related to digital assets offers fines and imprisonment of four to eight years.
In June 2021, El Salvador became the first country in the world to adopt Bitcoin as its legal tender.Central American countries are planning to use Energy from the volcano Mining Apex coins.
Price action: At the time of the press, Bitcoin traded at $ 41,366.85, up 3.2% in 24 hours. Data from Benzinga Pro.