Whereas the Senate bill had only been approved by the Senate’s Economic Affairs Committee , the House bill had already been approved at the Chamber of Deputies.
If approved, the draft legislation would head back to the Chamber of Deputies, which already expressed positivity towards the House bill and is the last step before the country’s President desk.
The framework establishes a watchdog for the industry, to be appointed by the government.
Would fall under the new law those who “organize, manage, offer or distribute wallets for or intermediate operations involving virtual assets…with the goal to obtain illicit advantage to the detriment of a third party,” the bill reads.
While Brazil’s framework aims to crack down on nefarious activities, it also strives to encourage responsible innovation.