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