Brazil’s Senate finally passed a crypto regulation bill that would aim to regulate digital asset service providers, requiring them to adhere to certain guidelines around protecting client assets and anti-money laundering procedures.
Under the proposed law, Brazil’s executive branch would decide which bodies will regulate and supervise cryptocurrency providers, and these companies would need to get that agency's approval before operating. In a February, the bill’s rapporteur Irajá Abreu said that he expects Brazil’s Central Bank to be charged with regulating cryptocurrency businesses.
In its latest Geography of Crypto report, Chainalysis reported that Brazil was the largest cryptocurrency market in Latin America based on transaction volume, receiving nearly $91 billion worth of cryptocurrencies in the year-long period between July 2020 and June 2021.
You mean tax us? That’s correct