Brazilian Senate Takes First Step for Crypto Regulation

Cryptocurrencies have recently become the focus of many countries. While the crypto money law studies are continuing at full speed in our country, one step has come from Brazil. The Brazilian Senate has taken its first step towards domestic cryptocurrency regulation by introducing a bill that establishes ground rules for digital currency funds.

Brazilian Senate Working on Crypto Regulation

If you remember, at the end of 2021, Brazil's lower house presented a different bill that includes rules for virtual currency trading in Brazil. This bill was later moved to the Senate. Today, the Senate's economic affairs committee unanimously approved the text. Now, the bill will be voted on at the Senate floor, followed by the lower house if approved.

The text covers the subject fundamentally, describing virtual entities and classifying service providers. According to the proposal, the federal government decides which body will be responsible for regulating things with cryptocurrencies. Speaking about the draft, Senator Iraja Abreu said in a statement that he expects that responsibility should be given to the central bank, which actively participated in the drafting of the bill.

If the bill is approved, Brazil will become the largest Latin American country to regulate cryptocurrencies, reducing the potential for money laundering and risks for investors.