Brazil to Set Up Committee for Cryptocurrency Regulations

Rodrigo Maia, Brazil’s Chamber of Deputies President, has ordered to arrange a different commission to deliver an opinion on a bill that objectives to keep watch over cryptocurrencies within the country.

The Chamber of Deputies of Brazil is a federal legislative frame and the lower house of the National Congress of Brazil. It discusses and approves programs for commercial and social spaces corresponding to training, wellbeing, shipping, and housing.

On Thursday, May 30, Maia asked the creation of a committee to consider the bill 2303/2015, which seeks to start legislation for bitcoin and different cryptocurrencies within the united states. This separate committee will contain 34 participants based on the House Rules of Procedure.

The Rio Times reported that there are two unfinished bills on cryptocurrency legislation in Brazil, both of that have been authored via Federal Deputy Aureo Ribeiro.

Last month, the rustic’s Interior Revenue Service (IRS) introduced new tax laws for cryptocurrencies, which need cryptocurrency activities evaluating over 30,000 reals ($7,600) to be reported per thirty days

Recently, the president of the Brazilian Affiliation of Crypto and Blockchain (ABCB), Fernando Furlan, met with delegates of other authorities, along with the Attorney General’s Workplace, the Central Bank of Brazil (BCB).

The high profile assembly was focused explicitly on spotting the cryptocurrency and blockchain sector in Brazil; also, the employment of the principles of the Financial Action Task Force (FATF) on cryptocurrencies. The policies shall be formally presented on the upcoming G20 finance ministers assembly in Japan.