Cryptocurrency Law in Brazil Might Get Approved This Week

The cryptocurrency bill, introduced earlier this year, might get approved by the Chamber of Deputies of Brazil this week. The Chamber will discuss other significant laws this week, including a remote work bill. Cryptocurrency Bill To Be Discussed This Week The cryptocurrency bill numbered 4.4011/2021, along with other time-sensitive bills, will be addressed this week. Brazil aims to reduce its distance from regulating cryptocurrency assets and virtual asset providers (VASPs). The leader of the Federal Government in the Deputy Chamber of Congress, Ricardo Barros, created the report. Barros stated that this bill could be “voted on” this week. Congress might not discuss sensitive matters since Brazil is in the pre-election mode. The presidential ballot will happen on October 2. If this cryptocurrency bill is voted and approved, it will be remitted to president Jair Bolsonaro for the final sanction. Cryptocurrency Bill and Regulations According to media reports, the Deputy Chamber might review the cryptocurrency bill. This cryptocurrency bill is a mixture of two different projects as part of the work of its proponents, who wanted to approve a crypto-centric law this year. The deputies say this cryptocurrency bill project will punish cryptocurrency scammers residing in Brazil. The project has decided on a new set of harsh penalties for individuals and companies associated with any such crime. The Brazilian Senate approved this proj...