The Brazilian Cryptocurrency Law project had been postponed due to the presidential election, but now it is taken up by Congress.
- Brazil’s crypto bill could be voted on tomorrow
- It was marked as urgent by the Chamber of Deputies
- It was listed on the agenda for November 22
Brazil’s cryptocurrency bill, about which there are many expectations in that country, was postponed due to the presidential elections on October 30, in which candidate Luiz Inácio Lula da Silva won. This is also very relevant in a country where record is broken in crypto investors, according to the tax authority.
According to national media reports, the project identified as 4,401/2021 will be on the agenda to be discussed by the Chamber of Deputies, marked as urgent and listed for discussion on November 22. That is, tomorrow Tuesday.
Will it be discussed tomorrow?
Brazil’s cryptocurrency bill seeks to regulate the actions of cryptocurrency exchange and custody agents, as well as establish clear rules for cryptocurrency mining. Said project may be discussed and voted on tomorrow if the chamber decides that it is important, since the document is the fourth item on the list to be discussed in that session tomorrow. Even so, Deputies can change the agenda for the dayand postpone the discussion of the bill, as has happened on several previous occasions, the media indicate.
According to local reports, there could be a window of opportunity for the project to be discussed, due to the laws that are currently being discussed in the Senate. However, other key players have ruled out this possibility, since President Lula’s seizure of power could bring important changes to the Budget law for 2023, which requires the attention of both chambers and will be a priority.
affected by FTX
Brazil is one of the countries that has been most affected by the FTX debacle. According to the figures of Coingecko, Brazil would be the tenth most affected country on the list, and Brazilians are already organizing to take legal action in several jurisdictions. A proposed class action lawsuit will bring together customers with more than $100,000 on the exchange to try to recover some of the losses.
For this reason, regarding the bill, Roberto Dagnoni, CEO of 2TMthe holding company Market Bitcoin, one of the largest exchanges in Brazil, stated about the legislation: “If there is a silver lining, it would be that it gives priority to the law. The rules that currently exist have not been applicable to some players, so they can do what they want. This (law) would change a lot.”
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