Brazilian Legislators to Debate Cryptocurrency Bill After One-Month Postponement

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors



Next week, the Chamber of Deputies will discuss the Brazilian cryptocurrency law, a project that aims to control the activities of cryptocurrency exchanges and custody agents as well as create clear guidelines for mining. On November 22, the law will be considered after it was put on hold before the general election that took place on October 20.

The bill is the fourth item on the list of items to be debated in that session; if the chamber determines that it is important, it may be discussed and put to a vote. Nevertheless, deputies have the authority to alter the day’s schedule and postpone the bill’s consideration, as has previously been the case.

According to local news, due to the legislation that is currently being reviewed in the Senate, there may be a window of opportunity for the proposal to be discussed. The takeover by President Lula may result in significant modifications to the budget law for 2023, requiring attention from both chambers, but other prominent players have chosen to ignore this possibility.

The circumstances surrounding the suspension of withdrawals and the eventual bankruptcy of FTX, one of the largest cryptocurrency exchanges, caused various figures in the Brazilian cryptocurrency business to discuss the significance of the bill’s adoption.

The CEO of 2TM, the holding company for Mercado Bitcoin, one of the main exchanges in Brazil, Roberto Dagnoni, said:

“If there is a good side, it would be that it gets the law prioritized. The rules that currently exist have not been applicable to some players, so they can do whatever you want. This (law) would change a lot.”

Brazilian Investors One of the Worst Affected by FTX Fallout

Brazil is one of the nations that has been most negatively impacted by the FTX disaster. Brazil would be the ninth most affected country on the list, according to Coingecko’s calculations, and its citizens have already organized to file lawsuits in several countries. Customers who spent more than $100,000 on the exchange would be included in a proposed class action lawsuit in an effort to recover some of the losses.

 

You can purchase Lucky Block here. Buy LBLOCK

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.