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Brazil’s President Signs Crypto Regulations Into Law

Brazil’s President Signs Crypto Regulations Into Law

Brazil’s President Signs Crypto Regulations Into Law

Companies in the sector will have 180 days to adapt to the new rules.

Companies in the sector will have 180 days to adapt to the new rules.

Companies in the sector will have 180 days to adapt to the new rules.

AccessTimeIconDec 22, 2022, 3:01 PM
Updated Dec 22, 2022, 4:47 PM

(Getty Images)

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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 President Jair Bolsonaro on Thursday approved a crypto regulation bill recently passed by that country’s Chamber of Deputies and the Senate.

The new law establishes a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine. It also creates a “virtual service provider” license, which is to be requested by digital asset companies, including exchanges and trading intermediaries.

Digital assets that are considered securities, according to the new regulations, will be supervised by the Brazilian Securities and Exchange Commission (CVM). Those that do not fall into that category (to be determined) will be overseen by another yet-to-be-created body.

Companies will have 180 days to adapt to the new rules after the approval on Thursday.

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

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Rodrigo Tolotti is a crypto editor at InfoMoney, a leading financial news publication in Brazil. He graduated in Journalism from Faculdade Cásper Líbero.


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