Brazilian Chamber of Deputies Approves Bill Regulating Crypto Transactions

The bill still requires the approval of the executive branch before it becomes law.

AccessTimeIconNov 30, 2022 at 1:28 a.m. UTC
Updated Nov 30, 2022 at 3:56 p.m. UTC
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This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

Brazil's Chamber of Deputies approved a bill on Tuesday regulating the crypto industry.

The bill, which was approved by the Senate in April and had been stuck in the Chamber of Deputies, now requires the approval of the executive branch to become law.

The bill, authored by deputy Aureo Ribeiro, establishes a new crime of fraud involving virtual assets, with a penalty of between two and six years in jail plus a fine. It also stipulates the creation of a “virtual service provider” license, which is to be requested by companies, including exchanges and other crypto firms.

According to the text, companies will have 180 days to adapt to the new rules before the law will be enforced.

The text stipulates that crypto assets considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM), while other digital assets not falling into that category will fall under the responsibility of another body to be appointed by the executive branch. The Central Bank is expected to be chosen.

This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese article can be found here.


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Paulo Alves

Paulo Alves is a crypto editor at InfoMoney, a leading financial news publication in Brazil.

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