This week, the Brazilian Senate passed a bill that will regulate the cryptocurrency market in the country, aiming to tackle illegal activity and provide a set of rules that dictate the trading of assets. According to Brazilian officials, the bill will work to ensure consumer protection guidelines as well. The framework for crypto exchanges falls under the scrutiny of the Brazilian Central Bank and the securities and exchange commission CVM. The bill contains measures that are designed to combat money laundering, fraudulent management of crypto exchanges, financing of terrorism, and other illegal activity. The current bill does not encompass non-fungible tokens (NFTs) and it is likely that this matter will be addressed in the senate via another proposal.
Brazil and Indonesia are currently leading the world when it comes to crypto adoption, with 41% of respondents to a survey conducted by Gemini stating that they own crypto. Brazil plans to launch the digital version of the Brazilian real by the end of 2022. Brazil’s plans to launch its own Central Bank Digital Currency are based on guidelines the country produced last year that took into account the impacts and risks of having a digital real.
Read More: Brazilian Senate passes cryptocurrency Bill
