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How Brazil Plans to Tackle Crypto-Related Crimes

How Brazil Plans to Tackle Crypto-Related Crimes

Authorities around the world are working hard to cope with crypto-related crimes and Brazil is not an exception. Lawmakers from Brazil are working to provide stricter regulations for crypto-related crimes. They approved a set of new penalties for laundering money with crypto.

The country’s Special Committee of the Chamber of Deputies approved a bill. It considerably tightens penalties for financial crimes that employ cryptocurrencies like Bitcoin, according to an official announcement.

Interestingly, the latest regulatory amendments are part of bill 2303/15. Lawmakers want to increase the size of the fines from one-third of the amount of laundered money to two-thirds. The bill approved by the committee also proposes to raise minimum prison terms from three to four years. It also proposes to increase maximum prison time from 10 years to 16 years and eight months, in addition to a fine.

Brazil, crypto-related crimes, and the central bank

The bill is subject to further discussions by the Chamber’s Plenary, according to the announcement.

Federal Deputy Aureo Ribeiro talked about the bill. He mentioned that the new bill will help the state to protect people from crypto scam schemes. Aureo Ribeiro noted that more than 300,000 people were affected by the crypto-related schemes in Rio de Janeiro. A lawmaker from Rio de Janeiro was optimistic about other aspects of the bill, which regulates broader crypto operations such as trading, custody, fiat exchanges, and payments.

The largest economy in South America has seen some signs of growing cryptocurrency development and adoption recently. Roberto Campos Neto is the current head of the Central Bank of Brazil. In August, he spoke at an online event organized by the Council of the Americas. Roberto Campos Neto shared his position on transparent payments networks and crypto regulation. He also expressed his opinion regarding the country’s central bank digital currency project. The central bank’s boss called on the state to embrace the crypto market by reshaping local regulations.

The country has made notable headlines over the past several years following developments of digital payments initiative called Pix. Millions of people are using Pix. It partnered with crypto exchange OKEx to facilitate purchases in exchange for Brazilian real. Several months ago, the Brazil Stock Exchange launched trading of another Bitcoin exchange-traded fund, following previous listings of several other crypto ETFs earlier this year.

The post How Brazil Plans to Tackle Crypto-Related Crimes appeared first on FinanceBrokerage.

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