This article is from cointelegraph.com.br and the original article can be read here in Portuguese
The regulatory framework for cryptocurrencies in Brazil could take another decisive step to get off the ground. That’s because the Bill (PL) 4401/2021, authored by federal deputy Aureo Lidio (Solidariedade-RJ), is on the agenda of the deliberative session of the Chamber of Deputies this Tuesday (7). According to what appears on the official page of the Legislative House, the proposal will now enter an emergency regime due to an approval of a change in the procedure regime made in December last year by the project’s rapporteur in the Chamber, federal deputy Expedito Netto (PSD). -RO), when the message was still appreciated with its original number, 2303/2015, later amended by the Reviewing House, the Federal Senate. If approved, the bill goes to presidential sanction to become law.
Among the main expectations in case of approval of the PL, in its current form, is the future of foreign cryptocurrency exchanges in relation to a possible “walling” provided for by law, if they do not have offices in Brazil, with registration in the National Registry of Legal Entities (CNPJ) and, therefore, connected to Siscoaf, a system that links financial institutions to the Control of Financial Activities (Coaf).
Although the text leaves the responsibility of the federal government to discipline the sector, the expectation is that the “virtual assets”, a nomenclature that replaces the term “cryptocurrencies” in the project, will be in charge of the Central Bank (Bacen; BC) . This was reinforced in recent statements by the institution’s president, Roberto Campos Neto, who defended cryptocurrencies, although he criticized the monopoly of major exchanges, as well as promising “complement the regulation”.
To Valor, the Brazilian Association of Cryptoeconomics (ABCcripto), defended the maintenance of the project’s proposals in relation to exchanges, arguing that they favor the prevention of money laundering and terrorist financing, in addition to asset segregation, which, in this case, is the guarantee offered to investors for the custody of their assets.
Which, for the largest cryptocurrency exchange in the world, Binance, can prevent foreign exchanges without CNPJ from entering Brazil, although the company has stressed that the project does not affect its operations in the country, as Binance has acquired a license to buy the Brazilian brokerage Sim;paul, in addition to working with Acesso, a payment institution regulated by Bacen.
Expedito Netto signaled that the project may suffer deletions or amendments related to issues considered controversial involving exchanges.
The activities of cryptocurrency exchanges had a greater focus on another project that was being processed in the Senate, authored by Senator Flavio Arns (Podemos – PR), a proposal that was eventually replaced by the project authored by Deputy Aureo Lidio. What happened on the initiative of the project’s rapporteur at the Review House, senator Irajá Abreu (PSD-TO). With the change, the PL institutionalized “trading 171” by inserting crimes involving cryptocurrencies into the Penal Code, among other infractions, as reported by the Cointelegraph Brazil.
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