Brazil is all set to become the first Latin American country as the Brazilian senate will vote on a bill that would regulate cryptocurrency. The Senate’s Economic Affairs Committee unanimously supported the crypto measure on Feb. 22, potentially enhancing the bill’s chances of passing a vote on the Senate floor. It will be referred to President Jair Bolsonaro to be signed into law once it has passed both the Senate and the lower house.
The bill, which has been in the works for almost three years, outlines several parts of what comprises a virtual asset (VA), a broker or exchange, and which federal agencies would have jurisdiction over the topic.
Law has a different definition for a virtual asset: Digital representation of value that can be traded or transferred electronically and utilised to make payments or for investing purposes
A crypto broker or exchange, according to the bill, is a legal business that allows “participation in financial services and provisions,” and performs exchanges between VA and fiat money, VA and other VA, VA transfer, and VA custody.
If the bill succeeds, Brazil will become the largest Latin American country to regulate bitcoin. El Salvador, whose President Nayib Bukele has been public about his desire to make the country independent of the US currency through the usage of Bitcoin, is probably the most well-known LATAM nation to have such rules (BTC).
Let’s see when this type of bull goes on the floor in the Indian Parliament.