Rio Joins the Cryptocurrency Party, and Brazil Passes a Bill Regulating Cryptocurrencies

After months of suspense, Brazil has finally enacted a bill establishing the country’s crypto framework. The Chamber must approve the bill of Deputies before President Jair Bolsonaro can sign it into law. It is planned to be operational by the end of 2022. Rio Joins The Party, Brazil Passes Bill To Regulate Cryptocurrencieshttps://t.co/gqww6hK09C — Rémi Bonnet (@rmi_bonnet) April 27, 2022 The Brazilian Senate has Passed a Bill into Law South America’s most populous country is gradually enacting legislation to govern its digital asset economy. The Senate has passed a bill establishing a comprehensive regulatory framework for bitcoin and other cryptocurrency transactions. According to the Senate bill, a ” digital representation of value that can be traded or transferred electronically, ” a “virtual asset” is a “digital representation of value that can be traded or transferred electronically, including payments and investments,” according to the Senate bill. According to the bill, local cryptocurrency providers should only operate within the country. They would be needed to obtain a licence from a Federal Public Administration organisation or entity. As a result, the government has yet to decide if more legislative amendments are necessary. The bill, first submitted in 2015, permits the Brazilian executive branch to impose limits on virtual assets. The measure must specify whether the industry will be controlled by Brazil’s centr...