In America the cryptocurrency market has gained many followers and a lot of popularity. However, its regulations have also grown, and this was the case in Brazil with the implementation of the Normative Instruction 1888, and as a result the signatures Acesso Bitcoin and Latoex were closed.
Thanks to a set of threats of serious fines from the Department of Federal Revenue of Brazil closed these platforms. Normative Instruction 1888 stated that all transactions made by Brazilian exchanges must be reported monthly.
Instruction of Regulation 1888 in Cryptocurrencies
Because there is currently no legal regulation regarding cryptocurrencies in Brazil, for now the main regulation on cryptocurrencies comes from Normative Instruction 1888. These regulations were implemented by the Internal Revenue Service (IRS) last year, and entered effective as of August 1, 2019.
Despite the criticism generated by this measure, cryptocurrency operators who said they have begun to implement the changes. Similarly, they pointed out that the rules could represent a maturation of the market.
Projects under discussion
As noted above, there is currently no legislation for the cryptocurrency industry in Brazil. Therefore, the Brazilian National Congress is considering several proposals that would regulate the cryptocurrency exchanges that operate in the country.
Specifically, these are three options that they have on the table: bills 2303/2015, PL 3825/2019 and PL 3949/2019. However, all projects are still in the debate phase.
However, in the Chamber of Deputies, the main one is bill 2303/2015, and it was written by federal deputy Aureo Ribeiro. This project was archived at the end of 2018, as is common at the end of each legislature and returned to the agenda in March last year, when a special commission was also created to analyze it.
Then, in the Senate there is Bill PL 3825/2019, by Flávio Arns (Rede-PR), and PL 3949/2019, by Styvenson Valentim (Pode-RN). Both aim to define rules for the market, with a focus on investor protection and the rules that brokers must follow.
What is known about these three projects is that PL 3825/2019 would introduce penalties for “fraudulent and reckless management of cryptocurrency exchanges.” Then, PL 3949/2019 “would establish the conditions for the operation of encryption exchanges” and “define crimes against the national financial system.”
Degree in Liberal Studies from the Metropolitan University. Lover of innovation and believer of technology for the future.