Brazil’s Senate and Chamber of Deputies have just enacted a measure regulating the crypto business, which President Jair Bolsonaro has now signed into law.
The measure, which was passed into law on Thursday, will take effect in 180 days, at which point crypto firms in the area would be required to comply with the new regulations.
The measure, which passed through Parliament at the end of November, would let crypto businesses register and create real offices in the nation. These are companies that provide crypto finance services or facilitate the transfer of crypto assets to fiat currency.
In addition, it creates a “virtual service provider” licence and prepares the path for a new government body to supervise digital asset enterprises.
According to the bill, digital assets judged to be securities will be controlled by the Brazilian Securities and Exchange Commission, while others will be governed by an unnamed agency.
After FTX’s demise a month ago, similar legislation is being expedited and pushed in many areas. Indonesia is considering a similar law that would transfer control of the business from the Commodity Futures Trading Regulatory Agency to the Financial Services Authority.
Last Monday, Canada’s Securities Administrators enacted regulations prohibiting crypto margin trading for Canadian consumers.
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