Amidst a growing climate of cryptocurrency and blockchain regulation around the world, Brazil’s President of the Chamber of Deputies has ordered for the establishment of a commission to regulate the country’s cryptocurrency trade and transactions, according to an official notice released on 31 May.
As stated in the report, Rodrigo Maio, President of the Chamber of Deputies, requested for a provision of a commission designed for bill 2303/2015. The bill aims to regulate cryptocurrencies in the country. The commission would be a 34 member party in consistence with the House Rules of Procedure. The report also mentions Aureo Ribeiro, Federal Deputy’s two cryptocurrency regulation cases he’s working on.
Brazil’s growing concern over cryptocurrency regulation comes in light of recent money laundering fraud uncovered by the local police.
Brazil’s Increasing Regulatory Notion towards Digital Currencies
Brazil’s Chamber of Deputies is a federal legislative body and Brazil’s National Congress’s lower house. The objective of the Chamber of Deputies is to discuss and regulate economic and social policies and proposals.
Brazil has been adamant about cryptocurrency regulation for quite some time. Brazil’s Internal Revenue Service laid out new tax rules for digital currencies, making it mandatory for cryptocurrency transactions over 30,000 reals amounting to $7,600 to be reported monthly. The report would also include details about the transactions, for instance, if the transactions occurred in the country or a foreign nation.
Recently this week, Fernando Furlan, president of Brazilian Association of Crypto and Blockchain (ABCB), met up several notable figures of the crypto industry along with several authorities from the Central Bank of Brazil, Financial Activities Control Council, Attorney General’s Office, and the Internal Revenue Service. The meeting discussed blockchain and cryptocurrency’s acceptance in the country and also the regulation of laws set up by the Financial Action Task Force on digital currencies.
This specific set of laws and rules would be showcased to the public at the G20 meeting of ministers of finance to be held in Japan in the month of June. Businesses and enterprises would have until 2021 to formally acknowledge the laid out rules.