This article is from cointelegraph.com.br and the original article can be read here in Portuguese
The president of the Chamber of Deputies, Arthur Lira (PP-AL), sent to the Special Committee of the Legislative House last Tuesday (17) the Bill (PL) 4401/2021, which regulates “virtual assets” in Brazil. But the matter can be put forward at any time for discussion and immediate voting by federal deputies, if parliamentarians approve an urgent request presented by Lira, provided for in article 155 of the internal regulations.
If PL 4401/2021 is approved and the urgency is approved, the pending opinions of the committee may be delivered during the session. If this does not happen, the president of the Chamber can grant up to two sessions for the issuance of opinions, before voting on the proposal.
The bill arrived at the Chamber of Deputies in early May, after being approved by the Senate, since the matter, related to finance, is of a bicameral nature and, therefore, needs approval from both Legislative Houses.
Despite having already passed through the Chamber, where it initially began to be processed in 2015 with the number 2303/2015, on the initiative of federal deputy Aureo Lidio (Solidariedade / RJ), the proposal began to be processed as PL 4401/2021 in the Senate, where has undergone changes in its original text, in addition to the inclusion of amendments. Modifications that renewed the project for consideration by the deputies, so that it is approved in the same content. If that happens, the bill goes for presidential sanction, before becoming law.
The matter underwent a turnaround that took place in the Senate at the end of April, where parliamentarians would appreciate another project, PL 3825/209 authored by Senator Flavio Arns (Podemos – PR), which even came to be voted on after approval by the Committee on Economic Affairs (CAE) in February. This is because the rapporteur of the project, Senator Irajá Abreu (PSD-TO), presented a substitute version to Flavio Arns’ project, in this case PL 4401/2021, authored by Aureo Lidio.
The Project
In practice, the advance of the text proposed by Aureo Lidio, which received amendments and amendments in the Senate, changed the direction of the regulation of “virtual assets” in Brazil, compared to the proposal presented by Arns, which was directed at the performance of exchanges of cryptocurrencies. In general terms, the project in progress does not guarantee the access of individuals to platforms operating in Brazil and also provides for the inclusion of crimes involving virtual assets in the Penal Code. The proposal also endorses the regulation of the sector to the federal government, which includes rules for non-fungible tokens (NFTs), which were left out of the project on the grounds that they are a kind of digital certificate of services and products. For lawyer and Internet of Things technologist Fernando Lopes, the legislator used the technique of “open types” by replacing the term “cryptocurrencies” with “digital assets”, which would be a strategy to “make it as broad as possible”, as reported by Cointelegraph Brazil.
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