Brasil Moves Forward with Law to Regulate Bitcoin

The largest South American economy could also make changes to mining laws that could be game-changers in the industry.

Bitcoin Brazil for 2022

The Brazilian Chamber of Deputies approved a law to regular Bitcoin in the country, on Wednesday December 8th. The main purpose of the new law, Projeto de Lei 2303/15, is to establish a regulatory body over the new digital assets. 

With the proposed text, the Brazilian Central Bank would become the regulator of bitcoin and other cryptocurrencies within the country. The PL 2303/15 proposal comes alongside several other cryptocurrency-related laws that include a tax exemption on renewable mining. The tax exemption made one bitcoin miner envision Brazil as a new hotspot for mining. 

“With the demand, there is today, with the numerous energy companies we have in the country — although the cost is not the cheapest — and with these rates going to zero, we will have a much more reliable jurisdiction, and the workforce here it is much more solid than that of Paraguay and Argentina,” said Ray Nasser, CEO of Arthur Mining.

Source: Ribeiro, leader of the Brazilian Solidarity Party and author of Projeto de Lei 2303/15.

The new law will also clarify language and definitions for exchanges and outlines penalties for those who break laws related to virtual assets. Brazil’s lower chamber is also debating further laws to see if legal salaries can be paid with bitcoin or other cryptocurrencies.

Brazil has been developing legislation for some months now. The new laws could help the millions of Brazilians engaging in crypto have clarity regarding their assets. The Brazilian Central Bank disclosed that Brazilians bought crypto worth $4.27 billion USD from January to August in 2021.

The bill has been sent over to the Senate for approval and the next step for the laws is to face scrutiny there. 

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