PL that will regulate cryptocurrencies is ready to be voted on, says deputy Expedito Neto

The bill that will regulate cryptocurrencies in Brazil is ready to be voted on in the Chamber of Deputies. That’s what Deputy Expedito Ferreira Neto (PSD-RO) said, rapporteur of the text in the Chamber.

In a live performed by Valor, Expedito said that the text of the PL – approved by the Senate in April – had few changes. In this way, the project would be ready to move forward in the Chamber as early as next week.

Cryptocurrency regulation advances

According to the deputy, the text of the bill is “positive news” for the Brazilian economy. In addition, he stated that there is already an agreement for the text to be approved. In this sense, he highlighted that the president of the Chamber, Arthur Lira (PP-AL), should put the project to a vote soon.

“I believe that we will have no difficulty moving forward with this text in the Chamber of Deputies. Also because we ran against time with the Senate so that the text voted was ours and that it returned to the Chamber to proceed to promulgation. On voting day, we only had the New Party, which voted against,” said Expedito.

Also according to the deputy, at the beginning, the debate faced resistance in both the Chamber and the Senate. Likewise, investors feared there would be a tax on earnings. But, according to him, that has changed:

“Today, they understand that state protection is very important for the security of their money.”

Regulation will popularize cryptocurrencies

The president of the Brazilian Association of Cryptoeconomics (ABCripto), Renata Mancini, also participated in the event.

On the occasion, she highlighted the importance of self-regulation and digital assets market agents in respecting rules such as, for example, the Consumer Protection Code.

In addition, he pointed out that cryptocurrency agents already adopt anti-money laundering and KYC (Know Your Customer) techniques. Crypto asset companies also report to the IRS and other regulators.

But, according to her, regulation should make digital assets even more popular in Brazil:

“This regulation comes to bring security to the consumer and make this market even more popular”, he said.

Good for the financial system

Also present at the event was the executive director of innovation, products and banking services of the Brazilian Federation of Banks (Febraban), Leandro Vilain. In his speech, he stressed that it is also positive for the banking system that the crypto market is regulated.

“In some situations, when there are suspicious transactions, in addition to reporting to Coaf, banks in general try to end the relationship with brokers [suspeitas]. But many times they continue to operate through court injunctions. And that ends up having serious consequences for the consumer themselves,” he said.

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