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Brazil: Legal Framework for Cryptocurrency Payments

 


Brazil has taken the first step towards further expanding the crypto infrastructure in the largest country in South America. The Brazilian Chamber of Deputies yesterday passed a legal framework that legalizes crypto as a means of payment, laying the foundation for the further expansion of the crypto industry.


However, crypto is still not an official means of payment in Brazil and therefore does not have the status of a recognized currency. However, this should only be a matter of time and will depend heavily on the success of the Bitcoin project in El Salvador.


New regulation

The law, which comes into effect upon the signature of the President, gives official legal validity to transactions that have taken place with crypto. This means that goods and services can be paid for with Bitcoin & Co. in the future. However, since it is not yet a currency and therefore not an official means of payment, Brazilians also have to wait until taxes and duties can also be paid with it. This will not be possible in the foreseeable future.


In addition, there should be a separate regulatory authority for the monitoring of cryptocurrencies. However, these still have to be installed by the President and Chamber of Deputies. The Brazilian stock exchange regulator CVM only takes over the supervision of digital assets classified as securities.


progress in Brazil

But in general, Brazil is considered a very progressive country when it comes to the use of cryptocurrencies. There is already a wealth of crypto ETFs here and the majority of banks and brokers also offer services for buying and selling coins. 


However, Brazil also sees the risk, which was also shown not least by the FTX bankruptcy. That is why it was officially stated that crypto projects can facilitate and encourage criminal activities, which is why there should be a much tighter leash in regulation. To this end, requirements for stock exchange operators were also defined and consumer protection measures were formulated. However, it is still unclear when the draft will be put into effect by the President.

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