BRAZIL

On September 29, the Special Committee responsible for the analysis of crypto-assets of the Chamber of Deputies approved a bill that seeks to establish that virtual asset service providers can only operate in Brazil through prior registration, and may be required to obtain authorization from the Federal Public Administration. Thus, the initiative was ready to be analyzed in the Chamber of Deputies. You can access the text by clicking here.

The proposal defines a virtual asset as a digital representation of value that can be traded or transferred by electronic means and used for payment or investment purposes. The bill contemplates that the Federal Public Administration will be in charge of determining which financial assets are regulated. 

It also proposes that the provision of virtual asset services should follow the next guidelines, according to the parameters established by the Federal Public Administration:

• Free enterprise and free competition;
• Good governance practices and risk-based approach;
• Information security and protection of personal data;
• Protection and defense of consumers and users;
• Protection of popular savings;
• Solid and efficient operations; and
• Prevention of money laundering and terrorism financing.