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Bill to Regulate Crypto Operations Passes Senate

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The Senate approved the Bill (PL) No. 3.825/2019 that regulates operations carried out with cryptocurrencies in Brazil.

Now the PL awaits a vote in the Chamber’s plenary, so that it can then be sent for presidential sanction and then it can come into force.

The biggest impact of the PL will be on companies operating in the cryptocurrency sector. For those who only buy or sell cryptos, the changes are not so significant.

The PL contains in its 4th article that the following guidelines must be observed in the crypto-asset market, according to parameters established by the Central Bank of Brazil:

I – solidity and efficiency of the operations carried out on the platforms

electronics;

II – promotion of competitiveness among operators of

crypto assets;

III – reliability and quality of services, as well as excellence

in meeting the needs of customers;

IV – information security, in particular the protection of assets and

personal data;

V – transparency and access to clear and complete information about

the conditions of service provision;

VI – adoption of good governance and risk management practices; and

VII – stimulus to innovation and technology diversity.

Single paragraph. The Central Bank of Brazil will encourage the self-regulation of the crypto asset market.

Check out the full PL at: https://legis.senado.leg.br/sdleg-getter/documento?dm=7973487&ts=1639061804207&disposition=inline


Written by Marcos Ferreira, Content Assistant at Drummond Advisors

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