Crypto Regulatory Update: Brazilian Senate Committee Approves Bill Regulating Crypto Transactions


 

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The Brazilian Senate economic affairs committee approved a bill legalizing crypto transactions on February 22, 2022. 

Bill PL 3825/19 was introduced by Senator Flavio Arns who authored it in 2019. The bill was then crafted jointly in collaboration with Brazil’s Central Bank, the securities exchange commission, and the federal tax authority, as a means to lay down the groundwork for the usage of bitcoin and cryptocurrencies as an investment asset and in day-to-day financial transactions. 

The goal of the bill was to stop or reduce illegal activities including …

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