Brazil Is Now One Step Closer To Regulating Bitcoin
The country is favoring a single Bitcoin and cryptocurrency legislation in an effort to enact it by the first half of 2022.The Bitcoin and cryptocurrency markets in Brazil will soon get overseen by a more complete regulatory framework as a unison work among different sectors of the government strives to pass an overhaul draft bill in the first half of this year.There were two separate draft bills being discussed in parallel in the country but only one will keep advancing as Senate bill 3825/19 was set aside in favor of House bill 4401/21.Rapporteur Senator Iraja Abreu dismissed the Senate....
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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....
A law project introduced in June in the National Congress of Brazil has jumped into the spotlight recently because it establishes a fixed period for the executive to start regulating cryptocurrency transactions. If approved, the proposal will establish the payment of taxes for cryptocurrency-based transactions. The project is being reviewed by the Chamber of Deputies and will have to be analyzed conclusively by the Finance and Taxation Committee.
Cryptocurrency Transactions to Be Regulated in Brazil
A law project proposal, Bill 2140/21, that was introduced to the Chamber of....
Today BTCFlow has launched the first institutional exchange in Brazil, Latin America’s largest economy. “The digital currency market in Brazil is still in its infancy,” said Marcelo Miranda, founder of BTCFlow. “However, we are seeing aggressive growth and adoption in other markets, and have no doubt Brazil will follow suit.” BTCFlow was founded by Marcelo Miranda, a nine-year veteran of the Brazilian division of Deutsche Bank. While at Deutsche, he was the head of equity trading for Brazil. Spanning all of his career, he has accumulated over 15 years in finance and technology.
Brazil’s first crypto ETF debut is postponed, but not because plans have failed whatsoever. The Bank of Brazil (Banco do Brasil) is now joining the bandwagon of ETF issuances, following the same steps as Bank Itaú and BTG Pactual did. New Launch Date Set for April 26 According to a letter sent by Hashdex to its clients, the state-backed banking institution will be able to offer its customers the possibility of buying the crypto ETF of Hashdex, which will have the ticker “HASH11.” That said, the Bank of Brazil’s customers could have exposure by investing in....
The law will allow the President of Brazil to designate or create a regulatory agency to oversee the crypto market. The bill regulating the cryptocurrency market in Brazil is expected to be approved by the National Congress in the first half of this year, according to Cointelegraph Brazil.The legislation, which has been debated in the Chamber of Deputies since 2015, has been approved in the first round of consideration. The Senate has attached it to another crypto-focused bill, which has already been approved by the Economic Affairs Committee of the Senate.Two legislators, Senator Irajá....