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Chamber approves law requiring headquarters in Brazil for cryptocurrency brokers
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Last Tuesday (12), the Chamber of Deputies approved a bill that seeks to increase the security of cryptocurrency users in Brazil. Among other things, the law requires foreign cryptocurrency brokers to be based in Brazil. Furthermore, these exchanges will need to guarantee the asset segregation of their clients’ assets.
This measure aims to prevent fraud and financial pyramid scams, a situation that led to the creation of the text by the Parliamentary Inquiry Commission (CPI) that investigated the sector last year. Now, the project goes to the Federal Senate for analysis.
The proposal received symbolic approval, with the support of parties ranging from Novo to PSOL and also the federal government. For deputy Chico Alencar (PSOL-RJ), the measure comes at a crucial moment. This is because “cryptoactives, such as cryptocurrencies, have been the target of scams that promise easy gains”.
Adriana Ventura (Novo-SP) raised points of attention about the impact on companies. But he highlighted that the benefits outweigh the concerns, considering that the project “brings several measures to combat fraud”.
Security with cryptocurrencies in Brazil
In addition to requiring headquarters in Brazil, the project requires companies in the sector to prove the legal origin of the resources used to form their share capital, which also applies in cases of mergers or spin-offs. Another relevant point is the obligation for value transfers between customers and virtual asset service providers to occur through accounts in institutions authorized by the Central Bank.
Meanwhile, derivative operations without prior evaluation by the Securities and Exchange Commission (CVM) will be prohibited. The idea is to curb practices that could create risks for users.
The asset segregation of brokerage clients’ assets was the central point of the discussion and the project’s biggest advance. With this measure, the brokers’ assets are separated from each client’s crypto assets. This guarantees greater security for account holders and prevents possible financial problems for platforms.
In addition to the project on cryptocurrencies, deputies also approved the urgency of another project that deals with bank resolution and gives new powers to the Central Bank in the financial system. This project seeks to adapt Brazilian legislation to international standards, aiming for greater security in the country’s financial system and was initially formulated in the previous government, with support from the Central Bank and the CVM.
The proposal is part of the microeconomic reform agenda and was supported by the Minister of Finance, Fernando Haddad.
Chamber approves law requiring headquarters in Brazil for cryptocurrency brokers
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Chamber approves law requiring headquarters in Brazil for cryptocurrency brokers
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Chamber approves law requiring headquarters in Brazil for cryptocurrency brokers
