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Brazil Orders Committee for Crypto Regulation

Brazil Orders Committee for Crypto Regulation

report by Cointelegraph Brasil yesterday said that the President of the Chamber of Deputies of Brazil has issued an order to establish a commission that would study cryptocurrency regulation in the country.

A day before the report on 30 May, Deputy Rodrigo Maia requested to create a special commission to deliver its analyses and recommendations on bill 2303/2015, which specifically looks to regulate digital currencies such as Bitcoin in the South American country.

In total, 34 members will make up the commission, as stated by House Rules of Procedure. In the same notice, it also reveals that two projects related to crypto regulation will be presented by Federal Deputy Aureo Ribeiro.

This request follows on from a meeting that took place earlier in the week between the Brazilian Association of Crypto and Blockchain (ABCB) and state authorities from the Attorney General’s Office, the Central Bank of Brazil, the Internal Revenue Service, and the Financial Activities Control Council. At the meeting, ABCB president Fernando Furlan met with state representatives to discuss conditions that would not only recognize cryptocurrency and blockchain in Brazil but also to ensure that applied rules would adhere to the Financial Action Task Force (FATF) guidelines on cryptocurrency.

It is understood that these new FATF rules will be formally presented to G20 leaders in Japan this month, giving a year for companies to adapt to them in 2021.

Last May, the Brazilian Internal Revenue Service put up new tax rules for crypto, which makes it mandatory to report transactions worth over BRL 30,000 (USD 7,600) every month. Details to be reported include the location of transactions, whether they were done domestically, abroad, or peer to peer without the assistance of exchanges.

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