By 
The Brazilian Senate has announced that it will consider, in February 2022, three bills related to the regulatory framework for cryptocurrencies.
In particular, the three bills are:
- Bill No. 3,825/2019 on services related to operations carried out with crypto-assets and electronic trading platforms;
- Bill No. 3,949/2019 on virtual currency transactions and operations of cryptocurrency exchanges;
- Bill No. 4,207/2020 on the activities of legal entities with virtual assets and on crimes related to the fraudulent use of virtual assets.
Moreover, the Senate detailed that the need for a regulatory framework for the cryptomarket is necessary due to:
- the significant volume of financial resources traded in crypto-asset operations;
- the importance of the impact of virtual currencies in services related to operations carried out with crypto-assets on electronic trading platforms;
- the necessity to combat crimes related to the fraudulent use of virtual assets;
- the creation of a transparent business environment for cryptocurrencies.
As such, the Senate further noted that the bills would support the creation of national guidelines on subjects such as:
- the definition of crypto-assets or cryptocurrencies;
- the definition of the regulated companies, such as virtual asset exchanges or brokers, which would be responsible for working with cryptocurrency resources;
- the classification of the virtual asset service provider as the company that takes actions on behalf of third parties; and
- the necessity to ensure that the Federal Revenue and the Central Bank have the power to act as regulators of the virtual currency market.
Comments