Brazil’s Lower House Creates Committee to Debate Bitcoin Regulation

By Arkady Petrov

RIO DE JANEIRO, BRAZIL – The President of Brazil’s Chamber of Deputies, Rodrigo Maia (DEM-RJ), ordered the formation of a Special Committee to render an opinion on Bill No. 2303/2015, which would require the regulation of Bitcoin and cryptocurrencies in Brazil.

Only a couple of weeks ago, Brazil ordered companies and citizens to report Crypto transactions.

The committee will have 34 members, in accordance with the Chamber’s internal regulations. There are currently two pending bills, both authored by Deputy Aureo Ribeiro (SD-RJ), requiring regulation of cryptocurrencies in Brazil.

Maia’s decision was read out by Deputy Alexandre Frota (PSL-SP); currently, the other bill (2060/2019) is awaiting the rapporteurs’ decision in the committee to which it was sent.

Cointegraph reported that the domestic platforms working with Bitcoin and cryptocurrencies will have until 2021 to adapt to Financial Action Task Force rules regarding crypto assets.

The rules will be officially presented at the Japan G20 meeting in June.