Brazil Establishes Committee for Cryptocurrency Regulation


The President of the Chamber of Deputies of Brazil has ordered to ascertain a fee to contemplate cryptocurrency regulation within the nation, Cointelegraph Brasil reported on May 31.

The Chamber of Deputies of Brazil is a federal legislative physique and the decrease home of the National Congress of Brazil, and consists of representatives of the states elected each 4 years. The Chamber discusses and approves proposals for financial and social areas akin to training, well being, transport, and housing.

On May 30, the President of the Chamber of Deputies, Deputy Rodrigo Maia has requested the creation of a particular fee to ship an opinion on invoice 2303/2015, which goals to control bitcoin (BTC) and different digital currencies in Brazil.

The fee might be composed of 34 members in accordance with the House Rules of Procedure. The discover additionally states that Federal Deputy Aureo Ribeiro introduced two initiatives in regard to cryptocurrency regulation.

Earlier this week, the president of the Brazilian Association of Crypto and Blockchain  (ABCB), Fernando Furlan, had a gathering with different representatives of the trade and authorities of the Attorney General’s Office, the Central Bank of Brazil, the Internal Revenue Service, and the Financial Activities Control Council.

The assembly was dedicated to the popularity of the crypto and blockchain sector in Brazil and the applying of the foundations of the Financial Action Task Force on cryptocurrencies. The guidelines might be formally introduced on the G20 finance ministers assembly in June in Japan, whereas firms can have till 2021 to adapt to the foundations.

Also this month, the Brazilian Internal Revenue Service revealed a brand new tax guidelines for cryptocurrencies. Per the brand new guidelines, cryptocurrency transactions within the quantity over 30,000 reals ($7,600) have to be reported on a month-to-month foundation, together with particulars on whether or not the transactions have been carried out on exchanges in Brazil, overseas, or peer-to-peer.

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