Brazil’s lower house of Congress has passed a bill granting limited legal status to crypto payments and establishing a regulatory framework for the industry.
Chamber Of Deputies Approve Crypto Bill
On Tuesday, Brazil’s Chamber of Deputies approved a bill to establish a regulatory framework for the country’s crypto industry. The bill was previously approved by the Senate in April and was awaiting the decision of the Chamber of Deputies. The bill has passed into law and only requires the signature of the President to be enacted. However, the most noteworthy angle of the law is that it grants legal status to crypto payments for goods and services without granting crypto the status of legal tender.
What’s Next For Crypto Bill?
The bill was authored by deputy Aureo Ribeiro and sought to establish a “virtual service provider” license to be made mandatory for crypto exchanges and other crypto firms. Over the next 180 days, crypto companies based in Brazil will be required to f
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