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A commission of the Brazilian Senate approves regulating financial operations with cryptocurrencies

Spain, Ávila, Saornil de Voltoya
Published 2 years ago
ID #1351
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A commission of the Brazilian Senate approves regulating financial operations with cryptocurrencies
Spain, Ávila, Saornil de Voltoya,
Published 2 years ago

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The amendment, which must still be voted on by the Congress chambers, includes the crime of fraud with digital currency and creates a registry of exposed politicians.

The Economic Affairs Commission of the Brazilian Senate unanimously approved a reform that determines a regulatory framework for financial operations with cryptocurrencies, contemplating the crime of fraud with digital currencies and the creation of a registry for politically exposed persons.

In the Penal Code, the amendment introduces the illicit for that person who "organizes, manages, offers portfolios or intermediates operations that involve virtual assets", in a malicious way. That is, as long as it is intended to "obtain an illicit advantage, loss of another person, induce or maintain someone by mistake, through artifice, trickery or any other fraudulent means."

Thus, the senators who validated the changes stipulate sentences of between four and eight years in prison, added to economic sanctions. The text stipulates among its fundamental goals "to prevent money laundering, the concealment of assets, rights and values, combat the activities of criminal organizations, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, in accordance with international standards".

The latest changes to the reform were proposed by Senator Irajá Abreu, of the Social Democratic Party (PSD): "Cryptoactive trading companies are not subject to regulation or control by the Central Bank or the Securities and Exchange Commission (CVM). for its acronym in Portuguese), which makes it difficult for public authorities to identify suspicious transactions," he warned the rest of the congressmen.

Politicians in sight?

One of the great novelties that this possible regulation brings is the creation of a National Registry of Politically Exposed Persons (CNPEP), which would be published in the Transparency Portal and would be in charge of the Executive Branch. This qualification is used for citizens who, due to their position and influence, could be implicated in potential bribery and corruption situations.

Incentive for mining

On the other hand, the text contemplates reducing to zero the taxes owed by legal entities until 2029, a measure that would apply to companies that buy machines intended for mining, preservation and processing of virtual assets. 

In addition to the forgiven debts, several taxes will be annulled to acquire mining instruments.

In turn, it seeks to benefit companies that do not pollute, since the creation of digital currencies requires the use of electricity: Companies that use 100% renewable energy sources in their activities and neutralize 100% of emissions of greenhouse gases from these activities are entitled to the zero rate, the statement read.

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    Spain, Ávila, Saornil de Voltoya
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