A law project introduced in June in the National Congress of Brazil has jumped into the spotlight recently because it establishes a fixed period for the executive to start regulating cryptocurrency transactions. If approved, the proposal will establish the payment of taxes for cryptocurrency-based transactions. The project is being reviewed by the Chamber of Deputies and will have to be analyzed conclusively by the Finance and Taxation Committee.
Cryptocurrency Transactions to Be Regulated in Brazil
A law project proposal, Bill 2140/21, that was introduced to the Chamber of Deputies of Brazil in June, is now in the spotlight because it establishes a fixed period for the regulation of cryptocurrency transactions for the executive branch of the government. If approved, it would give a time limit of 180 days to devise all the necessary structures to regulate cryptocurrency transactions in an effective way. The project was presented by the deputy Alexandre Frota, part of the Partido de la Social Democracia