Brazilian Senator, Flávio Arns, presented a bill on crypto transaction regulation to the Senate on Tuesday night and the Senate passed the bill.
Now the bill will be taken to the Brazilian Chamber of Deputies for voting, however, the executive branch can turn it down if adopted.
According to the legislation, crypto firms will be regarded as Virtual service providers and will have to operate within the Brazilian financial system guidelines notwithstanding strict adherence to the financial institutions against crimes.
Execution of duties
However, should the measure be passed, then the Brazilian Securities and Exchange Commission will be restricted from overseeing the crypto market, though it will be in charge of the Initial Coin Offerings (ICOs), but the decision to determine the body that will supervise the crypto market will be left to the Brazilian executive.
Besides, the Arns bill had been accepted back in February 2022 by the Brazilian senate economic affairs committee where Senators Soraya Thronicke and Stevenson Valentim introduced two more crypto initiatives.
Additionally, the bill also addressed the crime issue on virtual assets where the bill concluded that there will be two to six years imprisonment for the criminals when such happens, however, this was reduced from the original four to eight years after the senate president, Rodrigo Pacheco pleaded for the jail term to be reduced.
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