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The Special Committee of the House of Representatives that discusses the regulation of cryptoassets approved on Wednesday (29) the final report presented by the parliamentary Expedito Netto (PSD / RO).

According to the text approved by the Special Committee, a Clean bill on the regulation of cryptoassets in Brazil is approved.

Before moving forward to a vote in the House of Representatives, the legislative proposal has undergone some changes in the Special Committee. The main difference establishes that it will be up to the Executive branch to determine which body should regulate and supervise the cryptoassets market.

Until then, Bill 2303/15 intended to include cryptoasset products within the current regulations for payment arrangements under the Central Bank’s authority and in certain situations under the Securities and Exchange Commission (CVM).

Bill 2303/15 proceeds to vote

Since 2015, Brazil has been trying to discuss the approval of legislation focused on the cryptoasset market. Created by Congressman Aureo Ribeiro (Solidariedade party/RJ), Bill 2303/15 has discussed this sector’s regulation for six years.

With a Special Committee dedicated to the legislative proposal, the federal deputies that make up the group decided to approve the final report presented by the rapporteur Expedito Netto (PSR party/RO) on Wednesday (29).

The consumer relation between cryptoasset investors and platforms was also mentioned in the report, citing that the Consumer Defense Code will protect customers of trading platforms.

Air mileages and crime

Initially, Bill 2303/15 was designed to address, in addition to cryptoasset, loyalty rewards programs and air mileage. However, the text adopted by the Committee decided to exclude these products in the text to be voted on in the plenary of the House of Representatives.

Regarding the criminalization of activities involving cryptoassets, such as money laundering and financial pyramids, Bill 2303/15 will take into account the suggestions presented in Bill 2334/21, previously proposed by Congressman Vitor Hugo (PSL party/GO), which increases the penalty specifically for financial crimes involving cryptoassets. In this case, the “penalty will be increased by one to two-thirds if the crimes defined in this Law are committed repeatedly, through a criminal organization, or through the use of cryptocurrencies”.

Once approved in the Special Committee, the expectation is that the text will enter the voting schedule in the coming weeks, then forwarded to the Senate, and finally to the approval of the President of the Republic.