Brazil is in a historical moment, and that is because of the far it has gone with its plan to regulate the crypto market. The country’s Senate approved the first bill to govern cryptocurrencies. The senators passed the bill in a plenary session. The country looks forward to great times ahead where the Senate’s act culminates in establishing a regulatory framework to control the crypto segment.
The approval process
The approval process must follow several legal procedures. For instance, the Chamber of Deputies approves before the bill is pushed to President Jair Bolsonaro. The president signs it off before it becomes an operational law in the country. The plan is for the process to be completed before the year ends.
Senate President Rodrigo Pacheco was the leader that chaired the session, and he had several remarks to make afterward. He expressed his gratitude to Senator Irajá, who was the rapporteur of the project. He believes it was a special bill for the country and the crypto community. It was back in 2015 that Federal Deputy Aureo Ribeiro, for the first time, expressed his desire for the Senate to approve the bill.
A serious deliberation on the bill caused the Senate to approve it on Tuesday. The Senate considered Senator Arns’s bill PL 3825/2019 and then combined it with Ribeiro’s in their determination on what to do. It happned that Irajá Abreu was the rapporteur.
The role of the executive branch
The lengthy session helped pave the way forward for the bill. The Senate decided to entrust the country’s executive branch with the process of formulating rules to guide crypto-assets. The executive branch would gain the power to put in place a new regulator. The other way would be to delegate its power. It would choose who to delegate the power to between the Central Bank of Brazil (BC) and the Exchange Commission (CVM).
Several senators took advantage of the session to express their opinions on what needed to be done to deal with the fraud menace. One of the people who aired out their ideas was the bill’s author, Senator Arns. The leader wanted the Senate to determine the most appropriate penalties for those apprehended over crypto crimes.