DailyCoin
Published Nov 17, 2022 11:30AM ET
Updated Nov 17, 2022 01:00PM ET
Brazil Reactivates Cryptocurrency Regulatory Discussion Thanks to FTX Disaster
Crypto industry boosters in Brazil are asking federal legislators to reactivate discussion and approval of the bill to regulate the cryptocurrency market, after the bankruptcy of the world’s second-largest crypto exchange in transaction volume.
The sudden downfall of Sam Bankman-Fried’s enterprise has raised major concerns about the management and trading of unregulated digital currencies for lawmakers, governments, and traders around the world, including Brazil.
Roberto Dagnoni, CEO of 2TM, the parent company of Mercado Bitcoin, told Reuters that the law remained “kind of dormant” during the Brazilian electoral process that culminated in the victory of leftist Luiz Inácio Lula da Silva.
But consider that now the legal initiative must be on the agenda for discussion in Congress.
"If there is a good side (to the FTX disaster), it would be that it gets the law prioritized," Dagnoni said Tuesday. He stressed that "The rules that currently exist have not been applicable to some players, so they can do whatever you want ... This (law) would change a lot." Last May, the Senate passed a cryptocurrency bill whose approval is pending in the Chamber of Deputies. Said legal instrument establishes fines and prison sentences for crypto companies that infringe the law.
Likewise, cryptocurrency trading platforms must have physical headquarters in the country and offer information to the authorities in cases of suspected crimes such as money laundering, fraud, and others on a mandatory basis.
h2 On the Flipside/h2If the current bill is approved, Brazil could become one of the largest regulated cryptocurrency markets in the world. In recent years, the adoption and trade of digital assets has not stopped growing, as shown by an official report for the third quarter.
If you would like to read other articles related to the regulation and trading of cryptocurrencies in Brazil, check out:
What to Expect in the Brazilian Crypto Industry After Lula’s Victory
Cryptocurrency Adoption in Brazil Is Spurring: How to Ensure Cyber-Security?
See original on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.