Fun

President of Brazil Sanctions Cryptocurrency Law

News Feed - 2022-12-23 08:12:17

President of Brazil Sanctions Cryptocurrency Law


President Jair Bolsonaro has approved law 14.478, which regulates cryptocurrency-related operations and virtual asset service providers (VASPs) in Brazil. The document, approved on the last day of the period allowed, will begin to be applied 180 days after its sanction. This will give all parties a period to adapt to compliance. Cryptocurrency Law Finally Sanctioned in Brazil


Brazil has, at last, approved its cryptocurrency law in the nick of time. After having completed almost the whole period for taking action, President Jair Bolsonaro signed bill 14.478 into law on Dec. 21, when it was published in the Official Journal of the Union, the government publication of the country.


With Bolsonaro’s sanction, exchanges and other organizations subject to the law will have 180 days to prepare to comply with the new directives. However, if Bolsonaro had not sanctioned the law, the project would have returned to Congress, with the opportunity of being sanctioned by the Senate and the Deputy Chamber without presidential support.


This would have been another way of approving the legislation before President-elect Luis Inacio Lula Da Silva assumes his position in January. Reactions on the Approval


The reactions to the approval of the law have been mostly positive, with people in the industry considering this as the first step for regulating the status of cryptocurrency and cryptocurrency trading in Brazil. However, due to different views on the subject, the project had to be approved leaving out several controversial elements, like fund segregation and tax discounts for green mining operations.


This has caused some to consider the law a stepping stone, given that there will have to be subsequent laws in order to complement the foundation the current cryptocurrency law offers. On Nov. 29, Isac Costa, a partner of the local law firm Warde Advogados, stated: Perhaps the law will take up to two years to have any practical effect, which leads me to believe that its approval is a merely symbolic act.


Other global companies have a different view of the subject, considering this as an important step to increase the usage of bitcoin and other cryptocurrencies as payment methods in the country. On this, Alex Adelman, CEO of Lolli, a bitcoin rewards app, stated: Brazil’s move to regulate bitcoin as a payment mechanism sets the stage for greater bitcoin adoption in the country and Latin America at large. Tags in this story Alex Adelman, approval, Brazil, Congress, cryptocurrency law, deputy chamber, Exchanges, Isac Costa, Jair Bolsonaro, Lolli, luis inacio lula da silva, Senate, virtual asset service providers (VASPs)


What do you think about the sanction of the cryptocurrency law in Brazil? Tell us in the comment section below. Sergio Goschenko


Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Buenos Aires to Tax Cryptocurrency Mining in 2023 REGULATION | 16 hours ago US Senator Introduces Bill to Regulate Payment Stablecoins REGULATION | 22 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleItaly and Albania Bust €15 Million Crypto Investment Scam Next articleSheikh Hamad Salem Becomes a MaskEX Shareholder as Both Parties Collaborate to Develop a Smart City in the UAE Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days


Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Iran to Increase Penalties for Unauthorized Cryptocurrency Mining Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Amaka Nwaokocha16 minutes agoNigeria’s Patricia Technologies relieved as arrest made in crypto wallet heistThe Nigerian Police Force spokesperson said in the statement that Ambassador Wilfred Bonse has been arrested co
Michael Terpin Urges FCC to Curb Crypto Fraud That Cost Him $24 Million
Crypto investor Michael Terpin has written an open letter to Federal Communication Commission (FCC) chairman Ajit Pai requesting urgent action on SIM swapping fraud. Terpin, a victi
Turner Wright3 hours agoFormer FTX exec will give up real estate, car and $11M following guilty plea: ReportRyan Salame will reportedly remain free on a $1 million bond until his sentencing hearing expected in March 2024
Co-Founder of Russia’s Largest Crypto Pyramid Finiko Arrested in UAE
Co-Founder of Russia’s Largest Crypto Pyramid Finiko Arrested in UAE One of the founders of Russia’s most notorious Ponzi scheme in recent times, Finiko, is in detention in the
Artificial Intelligence and Cryptocurrency: The Rise of AI-Focused Projects in 2023
Artificial Intelligence and Cryptocurrency: The Rise of AI-Focused Projects in 2023 Trends show that artificial intelligence (AI) will be a major topic in 2023, as data indicates a
Bitcoin price 2-month highs on ‘soft landing’ may precede sub-$60K dip
William Suberg9 hours agoBitcoin price 2-month highs on ‘soft landing’ may precede sub-$60K dipBitcoin is marching through overhead liquidity as China announces economic stimulus measures, but some BTC price correcti
Solana-to-Bitcoin cross-chain bridge aims for Q3 2024 launch
Zhiyuan Sun3 hours agoSolana-to-Bitcoin cross-chain bridge aims for Q3 2024 launchThe ZPL-powered zBTC token will allow Bitcoin holders to engage with the Solana DeFi ecosystem.2949 Total views1 Total sharesListen to art
Ethereum Poised To Test $2,800 Support Level If Market Downtrend Persists – Analyst
Este artículo también está disponible en español. Ethereum experienced a sharp decline yesterday as the broader cryptocurrency market tumbled. ETH prices dropped over 9%
Between days in court, Donald Trump will meet crypto enthusiasts for NFT dinner
Turner Wright6 hours agoBetween days in court, Donald Trump will meet crypto enthusiasts for NFT dinnerAnyone who spent at least $4,653 on Trump’s “Mugshot” NFTs will be able to have dinner with the former presiden
Sequel to Iconic RPG Ni No Kuni to Feature NFT Integration and Play-to-Earn Mechanics
Sequel to Iconic RPG Ni No Kuni to Feature NFT Integration and Play-to-Earn Mechanics The new installment of Ni No Kuni, an RPG franchise brought by independent gaming studio Level
Tom Mitchelhill5 hours agoRug pull feared as Safereum devs reportedly unlock and dump native tokenAccording to blockchain security analysts, the developers of the Safereum project suddenly sold more than 700 ETH worth of
CBDC Could Be ‘Holy Grail’ of Cross-Border Payments, ECB Says, Sees Bitcoin as Less Credible
CBDC Could Be ‘Holy Grail’ of Cross-Border Payments, ECB Says, Sees Bitcoin as Less Credible Several solutions can potentially improve cross-border payments significantly and c