The Brazilian Senate passed a bill regulating cryptocurrency transactions on Tuesday night. Senator Flávio Arns presented the bill, which now goes to the Brazilian Chamber of Deputies for a vote. The executive branch then can veto it if it is adopted.

For crypto firms, the legislation defines the title "virtual service providers," which will be held to the same standards as other financial institutions regarding crimes against the Brazilian financial system.
<h2>Brazilian Securities and Exchange Commission</h2>
The measure, if passed, will restrict the Brazilian Securities and Exchange Commission from supervising the crypto market, except for initial coin offerings (ICOs) (ICO). On the other hand, the Brazilian executive branch will choose a body to oversee the crypto sector.

In February, Arns' bill was accepted by the Brazilian Senate's economic affairs committee, putting two additional crypto initiatives introduced by senators Styvenson Valentim and Soraya Thronicke on hold.

The bill also introduces a new offense involving virtual assets that carries a sentence of two to six years in prison. The original draught called for four to eight years in prison, but it was decreased after a plea by Senate President Rodrigo Pacheco.

The Brazilian Senate Has Passed a Bill Regulating Cryptocurrency Transactions

Senator Flávio Arns presented the bill, which now goes to the Brazilian Chamber of Deputies for a vote. The executive branch then can veto it if it is adopted.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

The Brazilian Senate Has Passed a Bill Regulating Cryptocurrency Transactions

Top Picks