This article is from cointelegraph.com.br and the original article can be read here in Portuguese
Binance’s director of institutional relations for Latin America, Daniel Mangabeira, stated that Brazil is the most important market in the region for the largest cryptocurrency exchange in the world and would be the perfect laboratory for the implementation of new products. The statement was given in interview to the Broadcast portal released on Thursday, 2.
Mangabeira revealed that Binance Pay is expected to launch soon, although he did not give a specific date. The payments system with cryptocurrencies from the exchange will aim to simplify and popularize the use of digital assets in the daily lives of the population, said Mangabeira:
“By mobile, it will be possible to go to the fair and the corner grocery store to shop with crypto.”
Mangabeira is at the forefront of the process of regularization and officialization of Binance’s operations in Brazil in perfect compliance with local legislation, carrying out the provision announced by the company’s CEO, Changpeng Zhao, in March of this year during Ethereum.Rio.
The company awaits approval and entry into force of the regulatory framework for cryptocurrencies in Brazil to formally apply for a license to operate in the country. Approved in the Senate, the Bill 4401/2021 was forwarded to the Chamber of Deputies to go through the final approval phase and be forwarded to presidential sanction.
The text of the project determines that the Executive Branch will appoint the regulatory body that will be responsible for defining the guidelines on the market and establishing norms in line with international standards to prevent money laundering and the concealment of assets, and to combat the activities of terrorists and organizations. criminals.
The PL also adds to the Penal Code the classification of “fraud in the provision of services of virtual assets”, with punishment of four to eight years of imprisonment and a fine, and adds in the Law of Financial Crimes the provision of services of virtual assets without prior authorization, which, in this case, provides for a prison sentence of one to four years and a fine for the crime.
Central Bank performance
In parallel with the Bitcoin Law being processed in Congress, the Central Bank is preparing rules to equate exchanges and digital asset trading platforms, both domestic and foreign, to investment banks.
As the bill has a principled character, which outlines flexible guidelines, giving the financial authorities the final word on the rules to be imposed on companies operating in the market, the central bank began meeting with executives from the main exchanges operating in Brazil. Recently, CZ and Mangabeira participated in a videoconference with the president of BC, Roberto Campos Neto.
In these meetings, the BC indicated that it will oblige exchanges to implement KYC/AML (customer identification/anti-money laundering) policies to control and monitor suspicious transactions.
Offices in Brazil
Initially, the exchange will have two offices in the country, one in Rio de Janeiro and another in São Paulo. The idea is for Brazil to become the company’s hub on the Latin American continent.
As Cointelegraph Brasil recently reported, Binance Holdings assumed equity interest in BFintech, a company registered with the São Paulo Board of Trade, in yet another step towards officializing its operations in Brazil.
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