A bill to regulate the digital currency market was submitted to the Brazilian Senate for consideration in February 2022. Then, the upper house of the parliament approved the document and submitted it to the Chamber of Deputies, which has adopted it this week.
The bill has been passed following the collapse of FTX and other crypto companies.
For this reason, the parliament has chosen the most stringent version of the legislation, which still must be signed by the president of the country.
According to the document, every blockchain company must have its permanent establishment in Brazil and comply with AML laws.
Companies failing to comply with the local legislation will face fines.