The bill will become live once it receives the approval of the Chamber of Deputies and the signature of President Bolsonaro.
The upper house of the National Congress of Brazil – the Federal Senate – reportedly approved the bill that could serve as a regulatory framework for the local cryptocurrency industry. The legislation needs to receive a green light from the Chamber of Deputies before becoming live.The largest nation in South America is gradually moving towards establishing rules on its digital asset ecosystem.
In turn, the government is yet to decide whether additional amendments should be added to the bill. Brazil’s lawmakers will also define which Federal organization will serve as a top financial watchdog to oversee the cryptocurrency providers.
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