Law and Legislation

Brazil Introduces Stricter Rules For Crypto Laws – New Set Of Fines Introduced.

The penalty is part of a new law that also regulates crypto trading and payments. The Brazilian legislature is working to provide stricter rules for cryptocurrency-related laws, approving a set of new cryptocurrency fines.

According to an official announcement on Wednesday, Brazil’s Special Committee of the Chamber of Deputies has approved a bill that significantly tightens penalties for financial crimes involving cryptocurrencies such as Bitcoin (BTC).

The latest amendments to the law are part of Bill 2303/15, which increases the size of penalties from one-third to one-third. Apart from fines, the bill also proposes to increase the minimum prison term from three to four years and extend the prison term from ten years to 16 years and eight months.

According to the announcement, the bill is subject to further discussion by a plenary meeting of the Chamber.

Deputy government spokesman Orio Ribeiro emphasized that the new bill would help the government protect Brazilians from cryptocurrency scams, noting that more than 300,000 people were affected by “cryptocurrency financial pyramid schemes” in Rio de Janeiro Were. 

“With the lack of regulation, people have nowhere to turn. The market in Brazil will move and adjust. There will no longer be profiteers using technology to defraud millions of Brazilians,” Ribeiro said.

Ribeiro was optimistic about the various features of Invoice, which governs broader cryptocurrency operations such as buying and selling, custody, fiat exchanges, and funds. According to a report from the Cointelegraph in Brazil, Ribeiro said that bitcoin would be accepted as a value in Brazil if the bill was passed into law.

Brazil has recently seen some indicators of increasing cryptocurrency recovery and adoption. In August, a conference of Brazil’s central financial institution, Roberto Campos Neto, urged the government to embrace the crypto market by changing local laws. In June, the Brazilian Stock Exchange began buying and selling another bitcoin exchange fund, after listing several crypto ETFs earlier this year.

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