Brazilian legislators are working to provide stricter regulations for cryptocurrency-related crimes and approve a series of new penalties for the use of cryptocurrency money laundering.
Special Committee of the House of Representatives of Brazil Officially recognized A bill that significantly tightens penalties for financial crimes using cryptocurrencies such as Bitcoin (Bitcoin), according to the official announcement on September 29.
The latest regulatory amendment is part of Act No. 2303/15, which increases the amount of fines from one-third to two-thirds of money laundering. The bill also proposes to increase the minimum sentence from 3 years to 4 years, and increase the maximum imprisonment period from 10 years to 16 years and 8 months, as well as fines.
According to the announcement, the bill is subject to further discussion in the plenary meeting of the Chamber of Commerce.
Federal representative Aureo Ribeiro emphasized that the new bill will help the state protect Brazilians from the cryptocurrency fraud scheme, and pointed out that more than 300,000 people in Rio de Janeiro are affected by the “cryptocurrency financial pyramid scheme”.
“Because of the lack of regulation, people have nowhere to go. The Brazilian market will move forward and adjust. There will be no more profiteers using technology to deceive millions of Brazilians,” Ribeiro said.
Ribeiro is optimistic about other aspects of the bill, which regulates a wider range of cryptocurrency businesses such as trading, custody, legal transactions, and payments.According to a report Cointelegraph Brazil, Ribeiro says Brazil will accept Bitcoin as a payment method Once the bill is passed, it becomes law.
Brazil has recently seen some signs of cryptocurrency development and adoption. In August, Roberto Campos Neto, Governor of Brazil’s Central Bank Call on the country to embrace the crypto market By reshaping local regulations. In June, the Brazilian Stock Exchange Initiate a transaction on another Bitcoin exchange-traded fund, Following the listing of several other encrypted ETFs earlier this year.