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Brazil: CAE to consider bills for cryptocurrency regulatory framework

The Brazilian Senate announced, on 11 January 2022, that the Committee on Economic Affairs ('CAE') will consider, in February 2022, three bills related to the regulatory framework for cryptocurrencies. In particular, the three bills are: 

  • Bill No. 3,825/2019 on services related to operations carried out with crypto-assets and electronic trading platforms; 
  • Bill No. 3,949/2019 on virtual currency transactions and operations of cryptocurrency exchanges; and 
  • Bill No. 4,207/2020 on the activities of legal entities with virtual assets and on crimes related to the fraudulent use of virtual assets. 

Moreover, the Senate detailed that the need for a regulatory framework for the cryptomarket is necessary due to: 

  • the significant volume of financial resources traded in crypto-asset operations; 
  • the importance of the impact of virtual currencies in services related to operations carried out with crypto-assets on electronic trading platforms; 
  • the necessity to combat crimes related to the fraudulent use of virtual assets; and 
  • the creation of a transparent business environment for cryptocurrencies. 

As such, the Senate further noted that the bills would support the creation of national guidelines on subjects such as: 

  • the definition of crypto-assets or cryptocurrencies; 
  • the definition of the regulated companies, such as virtual asset exchanges or brokers, which would be responsible for working with cryptocurrency resources; 
  • the classification of the virtual asset service provider as the company that takes actions on behalf of third parties; and 
  • the necessity to ensure that the Federal Revenue and the Central Bank have the power to act as regulators of the virtual currency market. 

You can read the press release, only available in Portuguese, here