Crypto regulations planned by Brazil will soon become law.
The bill, approved by the House of Representatives two weeks ago, aims to regulate virtual assets. Unless the bill is vetoed by President Jair Bolsonaro, it will automatically become law.
Brazil Ends in Crypto Flat
Brazil has been at the forefront of digital payment innovations, creating PIX that revolutionized the industry, serving as a simple and virtually free payment system. The country’s central bank also plans to launch a CBDC in 2024.
It is thought that the Brazilian Central Bank should make the crypto regulations in the country. Whichever agency acts as the regulator will have to decide the question of keeping client funds separate from company funds. This stood out as a subject that caused FTX to experience great difficulties.
The proposed law also allows public entities to hold crypto assets.
Cryptocurrency regulations are scheduled to become law at midnight Brazilian time.