Brazil’s cryptocurrency bill, repeatedly sidelined due to the Oct. 30 general election ballot, could be discussed and voted on over the next week. According to reports, the project identified as 4.401/2021 will be on the agenda for discussion by the Chamber of Deputies, marked as urgent, and listed for discussion on November 22.
Brazil’s cryptocurrency bill is back on the agenda
The Brazilian Cryptocurrency Bill, a project that aims to regulate the actions of cryptocurrency exchanges and custodial agents, as well as establish clear rules for mining cryptocurrency, will be on the table. agenda of the Chamber of Deputies next week. The bill, which had been discarded before the general vote on October 20, is due to be discussed on November 22.
The bill can be discussed and voted on if the chamber decides it is important, as the document is the fourth item on the list to be discussed during this session. Yet MPs can change the agenda and postpone discussion of the bill, as has happened many times before.
According to local reports, there could be a window of opportunity for the project to be discussed, due to the laws currently being discussed in the Senate. However, other key players have ignored this possibility, as President Lula’s takeover could bring significant changes to the finance law for 2023, requiring the attention of both chambers.
Crypto Personalities Speak About Speeding Regulations Due To FTX’s Fall
The events surrounding the withdrawal pause and subsequent bankruptcy of FTX, one of the largest cryptocurrency exchanges, have led several cryptocurrency industry figures in Brazil to stress the importance of the approval of the bill.
Roberto Dagnoni, CEO of 2TM, the holding company of Mercado Bitcoin, one of Brazil’s largest exchanges, said:
If there is a silver lining, it would be that he puts the law first. 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.
Brazil is one of the countries most affected by the FTX debacle. According to figures from Coingecko, Brazil would be the tenth worst-hit country on the list, with Brazilians already organizing to take legal action in multiple jurisdictions. A proposed class action lawsuit will group customers with more than $100,000 on the exchange to try to recover some of the losses.
What do you think of the new opportunity for the Brazilian Congress to approve the cryptocurrency bill? Tell us in the comments section below.
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