Recently, the Economic Affairs Committee (CAE) approved the rules defined by PL 3,825/2019 , by Flávio Arns (Pode-PR), which has PLs 3,949/2019 , 4,207/2020 , which are processed jointly, and which ask for the regulation of Bitcoin and cryptocurrencies in Brazil.

Senator Irajá (PSD-TO) is the rapporteur of the three proposals and informed that his text received suggestions from the other proposals, from other senators, from members of the government and also from debaters who participated in public hearings promoted by the CAE.

The substitute defines that the Executive Branch will be responsible for defining which bodies will regulate and supervise business with cryptocurrencies. The rapporteur’s proposal is for the Executive to establish rules in line with international standards to prevent money laundering and concealment of assets, and to combat the activities of criminal organizations.

However, the bill’s approval took place in the Economic Affairs Committee, and therefore, it will not yet become law as it depends, among other things, on approval in the Senate Plenary. After that, it goes to the Chamber of Deputies, which is the review house of the Senate, and only then, for presidential sanction.

In addition, there is in the Senate, at a much more advanced stage of processing, PL 2303/15, authored by Aureo Ribeiro (SD-RJ) awaiting review by the legislative house. However, according to the Senate, although the PL has already been processed in the House, it has not yet been forwarded to the Committee on Economic Affairs.

Also according to the Senate, the senators still do not know how they will deal with the different Bills that ask for the regulation of cryptocurrencies in Brazil that were initiated in the different houses of the legislature.

Is it good or bad to create laws for Bitcoin in Brazil

Although the rite of the legislative branch in Basil indicates that there will not be a final approval for any of the proposals (Senate or House) approved so far, Cointelegraph Brasil consulted some experts from the national crypto market to understand if they think the creation is good or bad. of norms for cryptocurrencies that were created precisely to ‘escape’ the power of the State.

Julien Dutra, Director of Government Relations at Grupo 2TM/ Mercado Bitcoin , highlighted that he is optimistic about the regulation of cryptocurrencies in Brazil and understands that the regulation of crypto-assets, a category that includes cryptocurrencies, such as bitcoin, and other digital assets, such as stablecoins , tokens and NFTs , is critical and urgent.

“We endorse the initiative of the Legislative Power. The regulation can guarantee a healthy market, with security for entrepreneurs and protection for consumers. and requiring the crypto sector to supervise clients (KYC, for “know your client”) and transactions (KYT, for “know your transactions”), which are part of the financial crime prevention manuals. practice and whose expansion to the entire sector is essential to curb fraud”, he said.

Also according to him, the project approved in the Senate, which still depends on the process in Congress, is right in stipulating guiding principles of activity, without imposing formal or conceptual restrictions.

“Thus, it stimulates innovation and entrepreneurship and strengthens the country’s position in the new digital economy whose construction we are part of”, he concludes.

Rodrigo Monteiro, executive director of ABCripto , points out that the regulation of the sector is as important for the health of the market as it is for the protection of citizens and institutions.

“The approved text excluded some pre-established thematic competences – such as the performance of the CVM -, but did not evolve to the definition of a specific regulatory agent, leaving the decision to the discretion of the Executive Branch. , ANPD, CADE, etc), we believe that prior legislative attribution, with the definition of the Central Bank as the primary regulator, would be more effective and adequate. evaluates.

Daniel Carius, COO of Ribus , comments that the PL draws up exact definitions about each item or agent in the crypto market, such as Exchange and what a token or cryptocurrency is. Money laundering measures are also within the scope of the PL, with penalties applied for “fraudulent management” or “reckless” cryptocurrency exchanges.

“Brazil is ahead of many countries in the issue of regulation in the Crypto Assets Sector, proving to be friendly to various topics involving Cryptocurrencies and companies that intend to operate in this sector,” he said.

Pedro Alexandre, CEO of Wibx , also points out that regulation is good for the country and that it is necessary, among others, to provide transparency and tranquility for companies to act, formatting mass products and services.

“In our view, regulation comes in handy. And on the investor’s side, it’s also good for them to understand that there is transparency and seriousness on the part of companies throughout the process involved. serious and purposeful companies, from those that are not”, he points out.

Cassio Krupinsk, CEO of BlockBR , believes that regulation brings an important scenario to the country by simply keeping those who are serious in the market and warding off profiteers, who are part of a bubble that only harms the market in bringing solidity.

“I believe that it is a very important step in this direction because it will make the market investors themselves have a different relationship with digital and traditional assets, bringing greater solidity, helping to accelerate acculturation and mainly fostering growth that, obviously, is already a path of no return”, he said.

In the same vein, Marco Castellari, CEO of Brasil Bitcoin , said that the debate regarding the regulation of crypto-assets is welcome and will contribute to the emergence of solutions to combat money laundering and financial fraud, providing more security to investors.

“However, if the state intervenes excessively, the operation of brokerages will become more bureaucratic and costly, which could weaken the national market, discouraging Brazilian entrepreneurs.”, he argues.

Source: Cointelegraph