Brazilian Senate plenary regulates crypto transactions
The bill well be voted on by the Chamber of Deputies. It can be then vetoed by the executive branch.
On Tuesday night the Brazilian Senate plenary voted on a bill regulating crypto transactions.
The bill was introduced by Senator Flávio Arns and moves now to the Brazilian Chamber of Deputies. There it will be voted on if approved or not. If the bill gets approved, the executive branch has the veto power.
The bill creates the label "virtual service providers" for crypto companies. This will put them under the same responsibilities as other financial institutions for crimes against the Brazilian financial system.
If the bill gets approval the crypto market won't be overseen by the Brazilian Securities and Exchange Commission, except for initial coin offerings (ICO).
The Brazilian executive branch will have to designate an agency to supervise the crypto sector.
The bill also creates a new crime that can be carried out with virtual assets with a penalty of between two and six years in prison.