Cryptocurrency regulation advances in Brazil’s Senate

Should the bill be passed, Brazil will become the largest Latin American country to regulate cryptocurrencies, thereby mitigating the potential for money laundering and reducing risks for investors.

RIO DE JANEIRO, BRAZIL - Brazil's Senate took a first step toward regulating the national cryptocurrency market after a bill aimed at creating basic rules for digital currency funds and their daily use passed a key legislative stage.

The Senate Economic Affairs Committee unanimously approved the text on Tuesday. The bill will now proceed to a vote in the Senate, and if passed advances to the Chamber of Deputies, before President Jair Bolsonaro can consider enacting it into law.

The bill begins by defining virtual assets and classifying their service providers. Under the proposal, the federal government decides which agency . . .

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