Brazil is closer to passing a bill on the crypto market regulation. According to the proposal, bitcoin and other digital currencies may gain specific legislation in the country.
Since 2015 Brazil has been discussing the approval of a legislation for bitcoin through special committees in the federal Senate and the House of Representatives. On Tuesday (26), senators approved Bill (PL) 3.825/2019.
The rapporteur responsible for the legislative proposal is Senator Irajá Abreu (PSD-TO). The bill resulted from integrating two other bills that were being processed both in the Senate and among the Federal Deputies.
Thus, only one proposal is still under discussion among parliamentarians. In addition to proposing guidelines for the crypto market, the bill typifies crimes involving cryptoassets, and creates stricter penalties for financial pyramids.
According to the proposal, the penalty for financial pyramid crimes with digital currencies may increase according to the amount of money moved by the fraudulent business.
Other suggestions were made by senators, such as the payment of taxes with cryptoassets. In addition, the bill provides that municipalities can issue non-fungible tokens (NFTs), just as the city of Petrópolis in Rio de Janeiro did.
After the vote in the Senate, the bill needs to be approved among the federal deputies in a new voting session. If there are no changes in the proposal forwarded by the Senate, the bill goes to presidential sanction, and the law can go into effect soon after enactment.