After seven years in the Chamber of Deputies, the Brazilian crypto law is about to be approved. It will give powers to the Brazilian President to appoint a federal office in charge of ruling crypto operations in the country.
is expected to be approved by the National Congress in the first half of this year, according to Cointelegraph Brazil.
Two legislators, Senator Irajá Abreu and Deputy Aureo Ribeiro, both rapporteurs of the aforementioned proposals in their respective legislative chambers, are drafting a unified text of the bill that will be sent to the full Senate vote. “By joining the projects together, we accelerated the approval of this cryptocurrency milestone. There is a market demand for a safer business environment and the need for criminal classification to avoid fraud, in addition to adjusting Brazil to international agreements.”
The proposed law would allow the Brazilian president to determine a federal entity responsible for establishing rules for cryptocurrencies. The president would either create a new regulator or delegate this function to the nation’s Securities and Exchange Commission or the Central Bank of Brazil .