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    APE avoids broader market weakness

    Here’s Why Apecoin (APE) Price Is Skyrocketing Today

    ETH Whales Add Over $24 Million Worth Of Sandbox (SAND) Token

    The Sandbox Token (SAND) Eyes $1 On This Bullish Signal

    Uniswap Labs Acquires NFT Startup Genie

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    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

    Zuckerberg Confirms Instagram And Facebook Will Display NFTs Soon

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    MoonPay Launches NFT Platform In Universal Studios, Fox Partnership

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    Economic Fail Or Key To A Creative Future?

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    BAYC Collaborates With Rolling Stone For Limited Edition NFTs

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    Demystifying Metaverse Competition - NFT News Today

    Demystifying Metaverse Competition

    The Go-To Marketplace For All Things Metaverse

    The Go-To Marketplace For All Things Metaverse

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    As Otherside Land Value Drops, Yuga Labs Face Giant Tax Obligation

    The Web 3 LAND Sale

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    Disney Metaverse

    Disney Hires Former Apple Executive to Head Metaverse Creative Strategy

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    Man wearing smart glasses touching a virtual screen to access the metaverse

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    Jamiroquai Partners With The Sandbox To Bring Funk To The Metaverse

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    3iQ Corp Opens a Virtual HQ in the Voxels Metaverse

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  • Analysis
    Ethereum

    Ethereum Turns Red, Why ETH Must Hold This Key Support

    bitcoin bollinger bands

    Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

    Bitcoin

    Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

    Ethereum

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    Bitcoin

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    bitcoin google

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    Harmony's Cross-Chain Bridge Exploited for $100M

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    Ethereum Key Indicators Suggest Strengthening Case For More Upsides

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    Bitcoin Struggles to Rebound as Miner Capitulation Continues 

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  • Learn About Crypto
    Overbought vs. Oversold Signals

    Overbought vs. Oversold Signals

    What Is a Decentralized Exchange (DEX)?

    What Is a Decentralized Exchange (DEX)?

    What Is Ethereum 2.0 (The Merge)?

    What Is Ethereum 2.0 (The Merge)?

    Breaking: ExxonMobil is Mining Bitcoin With Natural gas

    Iran Cuts Power Supply To Crypto Mines;

    What Is Crypto Lending

    What Is Crypto Lending

    How to Survive a (Crypto) Bear Market

    How to Survive a (Crypto) Bear Market

    Top 6 Crypto Events for June 2022 – Coingape

    What Is A Bull Flag Pattern and How to Use It

    What Is A Bull Flag Pattern and How to Use It

    A Beginner’s Guide To Reversal Candlestick Patterns

    A Beginner’s Guide To Reversal Candlestick Patterns

  • Regulation
    Celsius denies allegations on Alex Mashinsky trying to flee US

    Celsius denies allegations on Alex Mashinsky trying to flee US

    France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

    France facing backlash for Binance regulatory approval, French MEP called the move “surprising and worrying”

    Community reacts after SEC’s Gensler affirms BTC’s commodity status

    Community reacts after SEC’s Gensler affirms BTC’s commodity status

    Ripple CEO Brad Garlinghouse Says Company Will Leave US if SEC Wins Lawsuit: Report

    Ripple CEO Brad Garlinghouse Says Company Will Leave US if SEC Wins Lawsuit: Report

    Central African Republic president launches crypto initiative following Bitcoin adoption

    Central African Republic president launches crypto initiative following Bitcoin adoption

    Educating regulators will help to mitigate risks, says Figment exec

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    Swiss National Bank exec: Regulators may favor centralized stablecoins after Terra crisis

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    China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’

    China’s BSN chair calls Bitcoin Ponzi, stablecoins ‘fine if regulated’

    Catalonia is building its own metaverse, says innovation minister

    Catalonia is building its own metaverse, says innovation minister

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Brazil: Senate Committee approves crypto-regulatory bill to promote growth

February 23, 2022
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Brazil: Senate Committee approves crypto-regulatory bill to promote growth
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Regulatory fervor for the cryptocurrency industry has gained heightened momentum worldwide this year, as the $1.84 trillion industry makes itself more ingrained in the financial market. After reports of U.S President Joe Biden signing an executive order on crypto regulation soon started making the rounds last week, another country that has emerged as revving up its oversight on digital assets is Brazil.

The Brazilian Senate would soon be voting on a crypto bill, according to local media, after the Senate’s Economic Affairs Committee approved the bill unanimously on 22 February. Once the bill is passed by the Senate and lower house, it would only require President Jair Bolsonaro’s seal of approval before being written into law.

This would make Brazil the largest Latin American country to regulate the nascent asset class, even as nearby El Salvador has already made the top cryptocurrency Bitcoin legal tender.

The bill will lay out rules for how the digital asset industry will operate while also defining virtual assets and classifying their service providers, including exchanges and brokers. It will also give the Brazilian federal government the power to decide which agency will be responsible for overseeing the cryptocurrency market.

According to the bill, a virtual asset can be defined as a “digital representation of value that can be traded or transferred by electronic means and used to make payments or for investment purposes.”

Moreover, it also defines a crypto broker or exchange as a legal entity that allows “participation in financial services and provisions,” while performing activities such as the exchange between virtual assets and fiat currencies, different virtual assets, along with their transfer and custody.

The bill will also mandate virtual asset service providers to prevent money laundering and asset concealment, along with combating criminal organizations, terror financing, and the proliferation of weapons of mass destruction. About the same, Senator Iraja Abreu, who originally introduced the bill in 2019, said,

“The intention of the project is to curb or restrict illegal practices, such as money laundering, tax evasion, and many other crimes. There is a market that is licit, legal, which is the vast majority of this market, but there are exceptions.”

As for who might have jurisdiction over the bill’s enforcement, Sen. Abreu told Bloomberg that the role might be taken up by the central bank as it also contributed to drafting the bill.

While a different bill was approved by Brazil’s lower house last year that was focused on rules governing crypto asset trading, Abreu noted that the new bill is instead aimed at investments and will establish a favorable environment for them to go mainstream. He added,

“With regulation, cryptocurrency will become even more popular. Once this regulation is approved, the trend is that it will be increasingly adopted in the supermarket, in commerce, in a car dealership.”

Brazil already has a sprawling cryptocurrency industry, with recent estimates pointing at around $10 million users, or almost 5% of the country’s population. Its stock exchange also boasts of 5 cryptocurrencies ETFs, pointing towards a favorable environment for the asset class. However, this growth has also necessitated the need for regulatory oversight to curb both risks and crime.

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Tags: approvesbillBrazilCommitteecryptoregulatoryGrowthPromoteSenate
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