Brazilian Government to Issue Decree to Supervise Cryptocurrencies
It is reported that the Brazilian government is preparing to issue a decree to fill the gap left by the recently approved cryptocurrency law. This document is …
It is reported that the Brazilian government is preparing to issue a decree to fill the gap left by the recently approved cryptocurrency law. This document is prepared by the Ministry of Finance and will define the scope of supervision and responsibilities of the Central Bank of Brazil and the National Securities Regulatory Authority (CVM). （News Bitcoin）
The Brazilian government is preparing to issue a new decree to clarify the cryptocurrency rules
Interpretation of the news:
The Brazilian government has recently approved a cryptocurrency law and is now preparing to issue a decree to fill the gap left by the law’s implementation. The Ministry of Finance of Brazil is reportedly preparing a document that will define the scope of supervision and the responsibilities of the Central Bank of Brazil and the National Securities Regulatory Authority (CVM).
The cryptocurrency law in Brazil was approved in August, and it established a legal framework for the regulation of cryptocurrency exchanges, brokers, and other service providers. It requires these entities to follow certain know-your-customer (KYC) and anti-money-laundering (AML) procedures and register with the relevant government agencies. The law also defined cryptocurrencies as digital assets that can be used as a means of payment, but not as legal tender.
However, the law does not provide clear guidance on the scope of supervision and enforcement by the Central Bank and CVM. This is where the new decree comes in. The Ministry of Finance’s document will define the specific areas of supervision and the responsibilities of the two agencies in enforcing the law.
One possible area of supervision is the monitoring of cryptocurrency transactions and the identification of suspicious activities that could indicate money laundering or terrorist financing. The Central Bank and CVM may also be responsible for regulating the licensing and operation of cryptocurrency exchanges and other service providers. The decree may also clarify the tax treatment of cryptocurrencies and establish guidelines for reporting cryptocurrency-related income.
Overall, the Brazilian government’s efforts to regulate the cryptocurrency industry are a welcome development for the industry and investors alike. The legal framework and the new decree provide much-needed clarity and guidance for businesses and individuals operating in the industry.
In conclusion, the Brazilian government’s decision to issue a decree to fill the gap left by the cryptocurrency law’s implementation is a significant development for the industry in Brazil. The decree will clarify the scope of supervision and responsibilities of the Central Bank and CVM and provide a legal framework for the regulation of the cryptocurrency industry in the country.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/1451/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
BTC Market Fluctuates above US $25000
According to the report, the market shows that BTC has exceeded US $25000 and is now reported at US $25001.0, with a daily increase of 9.62%. The market fluctu…
-
Alex Raises $2.5M Strategic Funding to Expand Decentralized Finance Ecosystem
It is reported that Alex, the decentralized exchange of Bitcoin, completed a strategic round of financing of US $2.5 million, with the participation of Trust Machines and Gossamer Capital. In addition to decentralized exchanges, Alex also provides pledge, income agriculture and start-up board services. The funds raised this time will be used to continue to establish decentralized finance in the Bitcoin ecosystem and expand user communities. Alex, the Bitcoin Decentralized Exchange, completed the financing of US $2.5 million Analysis based on this information:Alex, the decentralized exchange of Bitcoin, announced that it recently secured a strategic funding round of US $2.5 million, with participation from Trust Machines and Gossamer Capital. The funds will be used to continue to establish decentralized finance (DeFi) in the Bitcoin ecosystem and expand user communities. Alex, founded in 2019, provides several DeFi services, including decentralized exchanges, pledge, income agriculture, and start-up board services. Through its platform, users can securely trade and invest in cryptocurrencies without the…
-
Decentralized Exchange Liquidity Aggregator 1inch Network Supports zkSync Layer2 Solution for Ethereum Networks
According to reports, the decentralized exchange liquidity aggregator 1inch Network has added support for zkSync, a Layer2 solution for expanding Ethereum networks.
1 inch Network -
Maverick Protocol: The Rise of a Decentralized Encrypted Trading Platform
On April 21st, it was reported that Maverick Protocol, a decentralized encrypted trading platform, had a 24-hour trading volume ($36.45 million), ranking third on the Ethereum Netw
-
MyAlgo Urges Users to Withdraw Funds Amid Hacker Attack
On February 28, Algorand Ecological Wallet MyAlgo issued a reminder that all users are strongly advised to withdraw any funds from the mnemonic wallet stored i…
-
Huawei Registers “HUAWEI NETGPT” Trademark: What’s In Store for the Tech Giant?
On April 27th, according to the Tianyancha app, Huawei Technology Co., Ltd. recently applied to register the \”HUAWEI NETGPT\” trademark, which is classified as a scientific instrume
-
Former CEO of FTX Provides Technical Advisers to Determine Bail Limit
It is reported that SBF, the former chief executive of FTX, provided the names of two technical advisers to help Lewis Kaplan, the judge who tried his criminal…
-
The Impact of the Regional Bank Liquidity Crisis on Cryptocurrency Regulation
According to reports, according to Twitter encrypted KOL AP_ Abacus revealed that the regional bank liquidity crisis has temporarily slowed down regulatory attacks on cryptocurrenc
-
Bitget Implements Adjustments to Withdrawal Limit to Enhance User Asset Security
On April 18th, according to an official announcement, in order to improve Bitget\’s risk management level and enhance user asset security, Bitget made adjustments to the withdrawal
-
Decentralized Payment Platform MoonPay collaborates with MagicEden to Expand NFT Market Access
It is reported that MagicEden in the NFT market has reached a strategic partnership with MoonPay, the Web3 payment platform, to provide new payment options for…
-
TUSD Reserves in Binance Surpass $1 Billion
On March 7, according to Nansen data, TUSD in Binance\’s asset reserves has reached 1.029 billion US dollars, accounting for 1.72% of the total reserves. TUSD r…
-
Citigroup Raises Target Price of Meta Platforms by 14.04%
Citigroup has reportedly raised its target price for Meta Platforms (META. O) from $228 to $260. Citi: Increase the target price of Meta Platforms from $228 to $260 Analysis based on this information:Citigroup, a multinational financial services corporation, has reportedly increased its target price for Meta Platforms (formerly known as Facebook Inc.) from $228 to $260. This reflects a substantial increase of 14.04% and highlights the confidence Citigroup has in Meta Platforms as a long-term investment prospect. Citigroup’s investment analysis suggests that Meta Platforms has maintained a strong market position in the social media industry, with its user base consistently growing over the years. Moreover, Meta Platforms has shown promising revenue growth and profitability, with total revenue in the third quarter of 2021 reaching $29 billion, a 33% increase compared to the same period in the previous year. The company’s net income in the third quarter was $9.2 billion, almost double the net income of $4.7 billion during the same…
-
What currency is USB (what is USB)
What currency is USB? According to statistics from Coinmarketcap, the price of Bitcoin has hovered above $10000 for about three months so far, but the price of USB has risen to over $20000. According to the bitcoin exchange guide, usb is one of the most popular Cryptocurrency in the world. It is reported that in June 2017, the US government announced that it would allow banks to issue a new digital token called “usbCoin” to customers What is USBUSB is the Stablecoin with the largest market value at present, ranking 14th. On a global scale, it is mainly used for remittances, payments, and other financial services USB is supported by Coinbase and is a decentralized autonomous organization (DAO). This token represents the value transfer on the Bitcoin and Ethereum blockchain. Its core team members include former JPMorgan Chase executive Joseph Lubin, Microsoft senior software engineer Brian Armstrong, former President of Bank of America Michael Barr, and others In addition, “Bitfinex”…
-
NFT Tax Rules: What Are They and How Will They Affect You?
It is reported that the US Internal Revenue Service is formulating NFT tax rules, which may require a 28% tax rate on long-term capital gains generated by NFT classified as collect
-
Arrest Warrant for Terraform Labs Co-founder Rejected in South Korea
According to reports, a South Korean prosecutor\’s request to arrest Daniel Shin, co founder of Terraform Labs, was rejected by a local court for the second time.
South Korean prose -
BUSD liquidity on Uniswap hits one-month low
It is reported that according to the latest data of Glassnode, the liquidity of BUSD on Uniswap reached US $624229.12, reaching a low of nearly one month.
…