This article is from cointelegraph.com.br and the original article can be read here in Portuguese
The vote on the Bill 4401/2021, which proposes a regulatory framework for cryptocurrencies in Brazil, was removed from the Chamber of Deputies’ voting agenda on Tuesday, 7th, at the request of the project’s rapporteur, Deputy Expedito Netto (PSD-RO), informed a report by Valor Investe.
The rapporteur of the project also added that he intends to reject all the highlights included in the PL by the Senate during the process of the project in the House. Neto explicitly cited the clause that prevents cryptocurrency exchanges and intermediaries domiciled outside Brazil operate in the country. The deputy defends maintaining the period of 180 days for all agents to adapt to the new legislation, as provided for in the text sent by the Chamber to the Senate.
The text approved in the Senate determines that only companies already domiciled in Brazil on the date of the enactment of the Bill will be able to use the deadline for adapting to the new rules. That is, they would need to have an active CNPJ and would have to be linked to Siscoaf, the system that connects financial institutions to the Financial Activities Control Council (Coaf). Netto argues that the deadline should be the same for everyone, including those companies that do not have previous registration in the country.
The rapporteur intends to exclude from the text to be voted on in the Chamber the highlight that establishes equity segregation, as he understands that such a provision may prevent cryptocurrency exchanges from offering more sophisticated investment instruments to customers, such as some types of structured products, which allow leveraged operations, for example.
According to Netto, the deliberations on this matter do not need to be included in the bill and should be in charge of the financial authority appointed by the Executive to establish the rules of the crypto-assets market. This attribution will probably be up to the Central Bank, since its president, Roberto Campos Neto, has constantly opined on the terms of regulation of digital assets in the country.
Questions relating to the taxation of crypto mining activities should also be excluded from the text by the rapporteur. “I cannot discuss taxes and deal with the tax issue in this project. It needs to be a specific project about it,” he told the report.
Despite the repeal of the highlights added to the text by the Senate, Netto believes that the bill can be included in the House voting agenda as early as next week. Once approved, it will be sent for sanction by President Jair Bolsonaro to take effect.
As Cointelegraph Brasil recently reported, cryptocurrency trading volume in Brazil is already equivalent to 50% of total B3 operations, the Brazilian Stock Exchange, imposing urgency in the approval and institution of a regulatory framework for operations involving digital assets in the country.
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