By: Dr. Franyi Sarmiento, Ph.D., Inspenet, March 15, 2022.
A commission of the Brazilian Senate approved a bill that deals with the regulation of financial operations with cryptocurrencies.
The text provides for the inclusion in the Penal Code of a specific crime of fraud in transactions with virtual currency. It also expresses the need to prevent money laundering, the concealment of assets, rights and values, combat the activities of criminal organizations and the financing of terrorism, among other scourges, in accordance with international standards.
The project includes in the Criminal Code the provision as a crime, with a prison sentence of four to eight years and a fine, of fraud in the provision of virtual asset services.
Now it will go directly to the Chamber of Deputies and if it is approved in that instance it would be sanctioned by the president. The document already defines which institutions authorized to operate by the Central Bank may exclusively provide this cryptocurrency service or accumulate it with other activities.
One of the novelties in this regulatory framework is the admission of the Central Bank itself as an institution authorized to accredit intermediary entities in the sale of crypto assets. Companies that already operate in this market will have up to six months to adapt to the rules after the law is enacted.
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