The Senate approves text with rules for cryptocurrency operations

Project that aims to regulate operations involving virtual cryptocurrencies in Brazil is approved in the Senate.

The Senate approved a project that aims to regulate operations involving virtual currencies in Brazil.

Only companies that provide services through the cryptocurrencies adopt practices to end money laundering. That's what the new bill says!

After approval in the Senate, the text goes to the Chamber of Deputies. When you get there, you will go through a new vote. Continue reading and understand!

What are cryptocurrencies?

The concept is simple: cryptocurrency is digital money. That's why it's called virtual currency as well.

However, its main feature is that it is neither issued nor regulated by any government. Therefore, it is decentralized.

So, today the most famous cryptocurrency in the world and which has appreciated since its birth, was bitcoin.

In fact, bitcoin was the first virtual currency that emerged as well and is already accepted as a payment method in some places.

What does the bill passed in the Senate say?

A body will be chosen by the Executive and he will be responsible for inspecting the companies. This is what the proposal and the text approved in the Senate say,

In this way, it must adopt practices to be followed for all types of currencies that are regularized in Brazil.

According to the text, companies still need to comply with the Money Laundering Act.

Therefore, they must identify all customers and report suspicious activities to the Financial Activities Control Council (Coaf).

Thus, any transaction with a value above what the law says must be informed to the Ministry of Economy.

Then, the Ministry of Economy will be responsible for evaluating irregularities in operations. If so, of course!

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The project changes the Penal Code and includes a version for the crime of embezzlement. It is worth saying that embezzlement is nothing more than receiving an advantage illegally. Usually deceiving and causing harm to another person.

With this, the text defines the “fraud” in the provision of virtual currency services.

Penalty

Therefore, the punishment is 4 to 8 years. In addition, there is the inclusion of the fine.

Thus, the penalty can be even greater, two-thirds more, if the crime is committed more than once by the same scammers.

Finally, the law will only come into effect in 180 days after being passed in Congress. Once there, it will be put to a vote.