The President of Brazil, Luiz Inacio Lula da Silvaestablished by decree that the central bank (BCB) will be the main regulator of the crypto. After the endorsement, it is expected that the Crypto Assets Law finally enters into force next Tuesday June 20th in Brazil.
The regulations, approved in November last year by the then president Jair Bolsonarowas under review for more than six monthswhile Lula da Silva evaluated modifying some of the rules established in the project.
According to the decree, the BCB will have the power to regulate, authorize and supervise the virtual asset market and companies that provide services related to cryptocurrencies.
Until now, law number 14,478 had not specified the authority responsible for these functionswhich had generated great expectations in the sector.
Crypto companies: six months of grace for adaptation
The Central Bank must now create a regulation for the implementation of the law, and a period of six months will be established for the industry to adapt to the new rules.
The text of Decree number 11,563, which was already published this Friday in the Official Gazette of the Nationreveals that the powers of the National Commission of the Stock market (CVM), nor the National Consumer Protection Systemwhose functions will remain intact.
Record crypto users in Brazil
Lula signed the Decree a day after a report on the transactions was released with cryptocurrencies in Brazil. According to the Federal Revenue Secretariat, the number of people who traded with cryptocurrencies in April reached a new record, with almost 2 billion users making transactions with digital assets.
In Brazil, cryptocurrency exchanges operating in the country They are obliged to inform the Rent all customer transactions.
For this reason, the Ministry of Revenue has records showing that the volume of trade with cryptocurrencies in April reached almost 20,000 million Brazilian reaisthe highest figure in almost two years, according to the reports released.
Compared to the same month last year, cryptocurrency trading has experienced a 60% increaseand stablecoins represent the 86% of this volume of operations.
Bitcoin trading reached a total of 1.2 billion Brazilian reaisthe same figure registered since January this year, according to the source.
Starting next week, the Crypto Assets Law will grant a legal status to payments with Bitcoin and other cryptocurrencies in exchange for goods and services. In this way, public administration bodies and entities will also be able to carry out operations with digital assets, without this meaning its inclusion as legal tender.
Source: Ambito
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