The still Brazilian president, Jair Bolsonaro, approved a bill that establishes guidelines for the cryptocurrency market in the country.
In the text published today in the Diário da República, which will enter into force in 180 days, it lays the foundations for the trade of virtual goods and defines the authorized actors for it, as well as the classification of crimes related to the activity.
In accordance with the law, the companies that operate with these virtual currencies will only be authorized to operate in the country with the prior authorization of an agency or entity of the federal public administration.
It also provides for this body to be in charge of establishing the conditions and deadlines for cryptocurrency companies to adapt to the new legislation.
It also determines that companies will be obliged to keep a record of their transactions so that they can transmit this information to the bodies in charge of controlling and combating organized crime and money laundering.
In this sense, the law introduces a new type of fraud in the Penal Code, with penalties of four to eight years in prison plus a fine.
In this way, those who, through the use of virtual goods, organize, manage, offer, distribute or mediate operations with these currencies to “obtain illicit advantages to the detriment of others” will be prosecuted.
The Money Laundering Law was also amended to include money laundering offenses through the use of virtual goods.
The law defines a virtual good as a digital representation with a given value that can be traded or transferred electronically and used for payment or investment purposes.
Source: TSF
