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Brazilian Senate approves regulation of cryptocurrency market

RIO DE JANEIRO, BRAZIL - The Senate today (26) approved a project that brings regulation to the national cryptocurrency market. The proposal provides guidelines for the "provision of services related to virtual assets" and regulates the activities of companies that offer these services. The text goes back to the Chamber of Deputies.

Cryptocurrencies are fully digital money traded over the Internet. The accelerated growth of this market worldwide has led to concerns about its use for money laundering in the face of inadequate regulation. For the new market to function, virtual asset providers must obtain prior authorization "from an organ or . . .

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