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    Rapporteur withdraws controversial points from the cryptocurrency regulation project in the Chamber

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    The BC, the likely regulator, recognizes this need, but prefers to address the issue in the regulation, to avoid that the law ends up stifling the market (Image: Agência Brasil)

    The rapporteur of the bill that regulates the crypto assets, Expedito Netto (PSD-RO)presented this Monday, 4th, its final report with the changes that were being negotiated in the Chamber.

    As expected, the deputy removed controversial points from the proposal, such as the device that guaranteed the segregation of exchange equity. (cryptocurrency exchanges) and investors, as well as rules to allow companies that are already in operation to operate until they obtain the necessary authorization from the regulator.

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    The matter is scheduled for a vote in plenary tomorrow, 5th. If approved, it goes to presidential sanction. In general, the text creates rules for the sale of crypto-assets, for the operation of exchanges and establishes penalties for crimes related to this activity.

    In addition, it provides for the inclusion in the Criminal Code of the crime of fraud in the provision of services of virtual assets, securities or financial assets.

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    As shown by the broadcastasset segregation was included in the proceedings in the Senate is considered important by the traditional financial market and also by the associations that represent exchanges in the Brazilto shield investors’ resources from possible financial problems of exchanges.

    O BCthe likely regulator, recognizes this need, but prefers to address the issue in the regulation, to avoid the law ending up stifling the market.

    In the case of transitional rules, the Senate text provided for the requirement to register in Brazil (CNPJ) in the Financial Activities Control System (Siscoaf), something that Coaf itself was against, given that only institutions can have access to the system. already registered with the regulator.

    But the market also considered that these were the “minimum controls” for a company to operate in the country in accordance with the rules of competition, consumer protection and prevention of money laundering.

    In addition to the removal of asset segregation and transition rules, the deputy again provided for in the bill a penalty of 4 to 8 years of imprisonment in case of fraud with virtual assets, something that had been softened in the Senate (2 to 6 years).

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    Source: Moneytimes

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