The “Bitcoin Law” returns to the vote and can be approved this Monday in the plenary session of the Chamber of Deputies of Brazil

Bill 2303/15 (which is currently being processed under number PL 4401/2021), written by Federal Deputy Aureo Ribeiro (SD-RJ) and which establishes standards and laws for the cryptocurrency market in Brazil, returned to the agenda of the plenary of the Chamber of Deputies this Monday 20.

Since its initial approval in the House and after the amendments of the Senate, the PL, on its return to the House, underwent further modifications to adapt the points that the deputies and the institutions linked to the federal government considered necessary, according to the rapporteur of the PL, the deputy Expedito Neto (PSD-RO).

Also according to Neto, the Central Bank of Brazil should be the regulatory institution of the crypto-asset market in Brazil and it will also be up to the BC to define and adapt the rules of the national financial system to crypto-asset companies.

However, even though the PL is still awaiting approval, BC has already devised rules for the market and sought a way to regulate crypto companies.

As part of its regulatory scope, which operates in Payment Institutions, Fintechs and Banks, the BC has imposed on banks, such as Capital, which provide mainly international crypto-currency exchange services, to carry out work to individualize payment accounts with the in order to identify international exchange customers.

The measure affected companies such as Binance, Huobi and KuCoin, leading to problems with reais withdrawals on Binance and the breach of the exchange contract with Capital.

In the case of the PL, if it is approved this second in the plenary session of the Chamber, the project is sanctioned by President Jair Bolsonaro and then becomes law with an adaptation period for companies in the sector to adapt to the new rules. .

Cryptocurrency regulation in Brazil

Because Roberto Cardassi is CEO of Blue Benx, it is expected in the long term that this regulatory process will even guarantee the entry of new investors into this market. For him, this will boost the local economy by generating income and jobs for Brazilians and can also increase the liquidity of products based on crypto-assets.

“Certainly, the regulation of the crypto market in Brazil is a big step for the country to be among the largest markets in the world and continue to become a highlight among them,” he points out.

Thiago Barbosa Wanderley, master in tax law and tax partner of Ogawa, Lazzerotti e Baraldi Advogados, believes that major market exchanges should buy domestic companies after regulation.

“It is possible that PL 4401/2021 will be approved, allowing the government to move forward on the regulation of crypto assets. National stock exchanges are mostly in favor of regulation, on the grounds that it would bring more security and credibility to the markets. As companies not established in Brazil will only be able to start their activities after the approval of the regulatory body, it is possible that we will see an increase in the incorporation of small exchanges by large international players”, a- he declared.

The President of the Blockchain and Virtual Assets Commission of the São Paulo OBA, lawyer Caio Sanas, points out that until the publication of the law, substantial changes may occur for national and international providers of security services. virtual assets.

“We have to be careful at every stage because the time to adapt to the new rules remains at 6 months. Service providers with a larger reach tend to have an easier time adapting than small and medium-sized companies. This should also be taken into account.”

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