Brazil, the largest country in Latin America, is one step closer to regulate the cryptocurrency industry.
As it has been recently reported, the Brazilian Senate will vote a bill that if approved would make Brazil the biggest country in Latin America to regulate cryptocurrencies.
The bill, which was unanimously approved by the Senate’s Economic Affairs Committee on February 22, will be used to regulate the use of cryptocurrencies in the country if it is passed by the Senate and the lower house and then is signed by the country’s President Jair Bolsonaro to make it a law.
The document provides clear “guidelines for the provision of virtual asset services.” Legislators hope the law will help curb crypto-related financial crimes. Brazilian Senator Irajá Abreu said:
“The intention of the project is to curb or restrict illegal practices, such as money laundering, tax evasion and many other crimes. There is a market that is licit, legal, which is the vast majority of this market, but there are exceptions.”