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The lower house of the Brazilian National Congress, the Chamber of Deputies, approved a bill to regulate cryptocurrencies. Now the president of the country must sign the document.
The bill defines digital assetsand digital asset service providers, and obliges industry participants to combat money laundering and fraud. The bill was approved by the Brazilian Senate back in April, but the Chamber of Deputies excluded several points from the document, which delayed the approval process.
One of the most controversial points wasa paragraph obliging cryptocurrency exchanges to segregate client funds. Consensus on this issue was never reached, so this item was simply deleted.
Note that the number of associatedCryptocurrency crimes in Brazil are constantly growing, so transparent regulation of the field is becoming increasingly necessary. Brazil itself is in 7th place in the Chainalysis ranking for the acceptance of cryptocurrencies.
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