Bill to regulate crypto in Brazil for first time heads to Senate vote

The largest Latin American country could soon be the latest to regulate crypto, which lawmakers hope will increase its uses across the country.

The Brazilian Senate is set to vote on a bill which would make the country the biggest in Latin America to regulate cryptocurrency. 

The crypto bill was unanimously approved by the Senate’s Economic Affairs Committee on Feb. 22, potentially increasing the chances that it will pass a vote on the Senate floor. 

Once passed by both the Senate and the lower house, it will be sent to President Jair Bolsonaro to be signed into law.

The legislation states that it provides “guidelines for the provision of virtual asset services.” Brazilian Senator Irajá Abreu said on Feb. 22 that he hopes the bill will curb various financial crimes that have been committed with crypto.