Brazil Takes First Step To Regulate Bitcoin
The Senate’s economic affairs committee unanimously approved a bill that seeks to regulate the day-to-day usage of bitcoin in financial transactions.The Brazilian Senate’s Economic Affairs Committee (CAE) approved a bill on Tuesday to acknowledge and regulate the Bitcoin and cryptocurrency markets in the country, according to an official statement.CAE’s unanimous approval of PL 3825/19 – a bill authored in 2019 by Senator Flavio Arns but jointly crafted with the central bank, securities exchange commission (CVM), and federal tax authority (RFB) – represents an initial step for a bill that....
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Who’s one step closer to regulating cryptocurrency use? Brazil is. The Senate Committee, more specifically The Committee on Economic Affairs, settled on a bill. Its aim is to regulate crypto transactions in Brazil. For the bill to become law, it has to be approved in the Senate plenary and then by the Chamber of Deputies. If it goes through those two hoops, the law goes into effect 180 days after publication. Related Reading | Stablecoin Supply Near $200 Billion, Faster Growth Than Rest of Crypto Even though regulation still seems far away, it’s good to remember that the bill started....
After months of anticipation, Brazil has finally passed a bill establishing the country’s crypto framework. Before President Jair Bolsonaro puts the bill into law, it must be approved by the Chamber of Deputies. By the end of 2022, it is expected to be operational. Brazil’s Senate Passes Bill Into Law The most populous country in […]
If Bitcoin becomes legal tender in a massive country like Brazil, it would be monumental. However, is that plan really on the table? Here are the facts: 1.- A bill to regulate cryptocurrencies was discussed and approved in Brazil’s House of Representatives, but it still has a long way to go before it becomes law. 2.- The bill’s author, deputy Aureo Ribeiro, said in a recent interview that he wants cryptocurrencies to be legal tender in the country. Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator The question is, are the two facts connected? That’s....
A new study commissioned for the Federal Senate of Brazil has sought to examine how the spread of bitcoin and other digital currencies could impact Brazil's economy, and whether formal regulation is necessary for the domestic industry. Authored by Cesar Rodrigues van der Laan, a consultant to Banco Central do Brasil, the 18-page document concludes that Brazil should not immediately regulate bitcoin, arguing that there is not enough activity in local markets to warrant such rulemaking. The paper goes on to highlight the varied response regulators have taken to bitcoin around the world,....
Authorities in Russia are preparing a number of changes to existing laws in order to adopt rules for the country’s market for non-fungible tokens, or NFTs. A working group has discussed the matter and proposed solutions to legally define and regulate transactions with the digital collectibles. Economy Ministry Takes Initiative to Regulate NFTs in Russia The Ministry of Economic Development in Moscow is planning to put forward several amendments to the Civil Code and the law “On Digital Financial Assets,” to regulate the NFT market in the Russian Federation. The news....