Crypto Regulation Committee Established In Brazil

An official crypto regulation committee has been established in Brazil with the main goal of cryptocurrency regulation in the country. The President of the Chamber of Deputes of Brazil was in the altcoin news, ordering to establish a commission for this manner.

Meanwhile, the Chamber of Deputies of Brazil is a federal legislative body and the lower house of the National Congress of Brazil which consists of representatives of the states which are elected every four years. It is in charge for discussing and approving proposals of economic and social areas including education, health, transport and housing. The new crypto regulation committee, however, will have an entirely new purpose.

As the President of the Chamber of Deputies Rodrigo Maia announced, he has requested the creation of such special commission to deliver an opinion on the bill 2303/2015 which aims to regulate Bitcoin and other digital currencies in Brazil.

The crypto regulation committee in Brazil will include 34 members in accordance with the House Rules of Procedure. As the notice featured in the coming altcoin news show, the Federal Deputy Aureo Ribeiro presented two projects in regards to cryptocurrency regulation.

Before this decision, the president of the Brazilian Association of Crypto and Blockchain (ABCB), Fernando Furlan, had a meeting with the other representatives of the industry and the authorities of the Attorney General’s Office, as well as the ones from the Central Bank of Brazil, the Internal Revenue Service, and the Financial Activities Control Council.

This meeting had a main goal to discuss the potential crypto regulation committee – but most importantly – to recognize the crypto and blockchain sector in the country and the application of the rules of the Financial Action Task Force on cryptocurrencies. The rules, as the latest cryptocurrency news show, will be officially presented at the G20 finance ministers meeting in June in Japan, while the companies involved will have until year 2021 to adapt to the rules.

Aside from the news about the crypto regulation committee, this month the Brazilian Internal Revenue Service published new tax rules for cryptocurrencies this month. As the new rules show, transactions in the amount over 30,000 reals ($7,600) are subject to monthly reporting, including details on where have they been carried out.