President Jair Bolsonaro announced legislation regulating cryptocurrencies Approved 14.478 operations involving Virtual Asset Service Providers (VASPs) in Brazil. A document approved on the last day of the permitted period will begin to apply 180 days after his approval. This will give all parties time to adjust to compliance.
Brazil finally approves cryptocurrency law
Brazil finally approved its cryptocurrency law in a timely manner. After nearly the entire period to take action, President Jair Bolsonaro signed Bill 14.478 on his December 21st, which was published in the United Nations Official Gazette, the government publication of the country. }.
Bolsonaro’s sanctions give exchanges and other entities subject to the law 180 days to prepare to comply with the new directive. But had Bolsonaro not approved the law, the project would have had a chance to be returned to Congress and approved by the Senate and Vice House without the president’s backing.
It was another way for President-elect Inacio Lula da Silva to approve the bill before he took office in January.
Response to Approval
The response to the legislative approval has been largely positive, with people in the industry viewing this as a first step toward regulating the virtual currency and virtual currency trading landscape. I’m seeing Brazil. However, due to differing views on the subject, the project had to be approved with the exception of several controversial elements, such as funding segregation and tax breaks for environmentally sound mining operations.
Some consider this legislation a stepping stone, given that it will require subsequent legislation to complement the foundation provided by current cryptocurrency legislation. On November 29, Isac Costa, partner at local law firm Warde Advogados, said: That acknowledgment is merely a symbolic act.
Other global companies take a different view on the issue, and this is an important step towards increasing the use of bitcoin and other cryptocurrencies as a payment method within the country. I believe it is. Speaking on this, Alex Adelman, his CEO of his Lolli, a Bitcoin rewards app, said:
What are your thoughts on the sanctions of Brazil’s cryptocurrency law? Let us know in the comments section below.
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