The Brazilian Senate passed the first bill of a country controlling cryptocurrencies at the plenary session. This prepares you to create a regulatory framework for the national crypto industry.
The bill must be approved by the Vice Council and then by President Jair Bolsonaro in order to become a national law. This is expected to occur by the end of 2022, according to experts who spoke with Cointelegraph Brazil.
The session that approved the project Chaired by the Speaker of the Senate Rodrigo Pacheco said:
“I would like to congratulate Senator Irazer, the reporter of the project, for the approval of this important bill at the Senate plenary session.”
Federal Deputy Aureoli Beiro first proposed Specification In 2015.
The bill was then approved by the Senate after a lengthy deliberation on April 26, with Senator Ribeiro’s bill. Senator Arnz invoice PL 3825/2019 Senator Iraja Abreu was the rapporteur.
During the session, the Senate is responsible for the government of the state to develop rules for crypto assets and can create new regulatory agencies or delegate their authority to the Securities and Exchange Commission (CVM) or the Central Bank of Brazil (BC). I confirmed. ).
The session also saw several senators, including Senator Arnz, the author of the bill, discussing appropriate penalties for crypto crimes, especially fraud.
According to Senator Arnz, penalties for this type of crime should be adjusted according to the amount of fraud, money laundering, and other white-collar crimes. He said:
“Penalties must be proportional to the amount of value affected by this type of crime. Therefore, a person who commits a US $ 1 billion crime and harms thousands of people is more than a less affected person. Is also subject to a large penalty. “
Senator Arnz’s proposal demanded greater punishment for crimes, including cryptocurrencies, and was endorsed by Senator Rose de Freitas, who said the Brazilian market was already moving over $ 40 billion in Brazil.
Senator also talked about encouraging crypto miners to open shops in Brazil. Complete tax exemption Domestic import of ASIC mining devices.
Bernardo Schucman, Senior Vice President of Digital Currency Division, American Mining Company CleanSparkHe pointed out that the cryptocurrency market needs specific restrictions so that risk-averse institutional investors feel encouraged and protected by investing in cryptocurrency mining, the largest country in South America.He said
“Regulations are welcome [and] Brazil is chasing the world’s largest economy and tends to facilitate the mining of these coins in Brazil’s soil. “
Related: Central Bank of Brazil Governor confirms that CBDC pilot will start in 2022
The bill does not appear to face many challenges at the Vice-Conference, which must be approved at the plenary session before it is sent to President Borsinaro before it becomes law.
