BRAZILIAN PRESIDENT SIGNS BILL FOR BITCOIN AND CRYPTO REGULATION 23rd of December , 2022
On thursday, the Brazilian president Jair Bolsonaro signed a bill for bitcoin and crypto regulations in the country. A complete regulatory framework for the trading and use of bitcoin or crypto was enacted. According to the bill, it states that this virtual asset is "a digital representation of value that can be negotiated or transferred electronically and used for payments or as an investment," . The bill further states that the Central Bank of Brazil (aka BCB) will be responsible for the regulation of Bitcoin and crypto in the country (especially in crypto payments). Also the Security and Exchange Commission in Brazil (aka CVM) will be responsible when crypto is used as an investment asset. In addition to the law, Virtual asset service providers (VASPs) will be authorized by the regulators. It states that VASPs is an enterprise “that executes, on behalf of third parties, at least one of the following virtual asset services: exchange between virtual assets and national or foreign currency; exchange between one or more virtual assets; transfer of virtual assets; custody or administration of virtual assets or of instruments that enable control over virtual assets; or the participation in financial services and offering of services related to the offer by an issuer or the sale of virtual assets.”
The law is intended to be enforced after 180 days (in 6 months time)
The growing acceptance of bitcoin and cryptocurrency in South America is rapidly increasing daily. Individual and organizations seamlessly are seeking legal means to use cryptocurrency as a daily lifestyle. Brazil is definitely not an exception. This law grants individuals and organizations opportunity to legally use cryptocurrency in the country. Although bitcoin and cryptocurrency is not a legal tender in Brazil, the signing of this bill by the president shows an ever increasing demand for cryptocurrency use.
Do you need more information about bitcoin and crypto regulations in Brazil? Click Here for More Information on Bitcoin and Cryptocurrency regulations in Brazil