Brazil Formulates A Committee To Decide Over Cryptocurrency Regulation

The President of the Chamber of Deputies of Brazil orders formation of a commission that will ponder over the regulations required for cryptocurrency in the country, as reported by Cointelegraph Brasil on May 31.

A federal legislative body and the lower house of the National Congress of Brazil, the Chamber of Deputies of Brazil consists of representatives of the states elected every four years. Basically, the Chamber is responsible for approval of proposals for economic and social areas such as education, health, transport, and housing.

Deputy Rodrigo Maia, the President of the Chamber of Deputies requested on May 30, that a special commission should be created, aimed at delivering an opinion on bill 2303/2015 that aims to regulate Bitcoin (BTC) and other digital currencies in Brazil.

 The special commission will have 34 members in accordance with the House Rules of Procedure. As per the notice, Federal Deputy Aureo Ribeiro has presented two projects in regard to cryptocurrency regulation.

The president of the Brazilian Association of Crypto and Blockchain  (ABCB), Fernando Furlan met with other representatives of the industry and authorities of the Attorney General’s Office, the Central Bank of Brazil, the Internal Revenue Service, and the Financial Activities Control Council.

The meeting held earlier this week was aimed at recognition of the crypto and blockchain sector in Brazil and discussed the rules of the Financial Action Task Force on cryptocurrencies. While the rules will officially be presented during the G20 finance ministers meeting in June Japan, companies will have until 2021 to adapt to the rules. In similar news, the Brazilian Internal Revenue Service published new tax rules for cryptocurrencies this month. As per the new rules, any cryptocurrency transactions amounting over 30,000 reals ($7,600) should be reported on a monthly basis, wherein details such as whether exchanges in Brazil, abroad or peer-to-peer were used to carry out the said transaction.

Read more: The President And COO Of Coinbase Leaves The Company

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