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Brazil’s Senate Greenlights ‘Bitcoin Law’ to Regulate Cryptocurrencies

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golden shining bitcoins with flag of brazil on a computer electronic circuit board. bitcoin mining concept.

Brazil’s Senate passes the nation’s first bill governing cryptocurrencies in a plenary session, setting a stage for the formation of a regulatory framework for the nation’s crypto sector.

Source: CoinTelegraph

BTCUSD up +2.00%, ETHUSD up +2.51%

The bill is subject to approval by the Chamber of Deputies and then signed off by President Jair Bolsonaro to become law in the nation. The process is set to be finalized by the end of 2022.

During the proceedings, the Senate affirmed that the nation’s executive brand would be responsible for creating rules for crypto-assets and could form a new regulator or delegate its mandate to the Securities and Exchange Commission(CVM) or the Central Bank of Brazil.

Senator Arns stated that the penalties of crypto crimes would be allocated depending on the amount of fraud, money laundering, and other white-collar crimes committed.

Senators also considered providing incentives to crypto miners to open operations in Brazil due to the complete tax exemption for the import of ASIC mining devices.

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