On Tuesday (26), the Special Committee on Digital Law of the Chamber of Deputies presented a draft bill to regulate the cryptocurrency market. The committee was created by the president of the house, Arthur Lira (PP-AL) and aims to improve the legislation in force in Brazil.
In addition, the government will hold a public consultation so that all interested parties, public institutions and companies in the sector can submit their contributions. The committee's rapporteur, deputy Lafayette de Andrada (Republicanos-MG), states that the proposal seeks to unify current standards, include clear technical definitions and offer greater legal certainty to the market.
Changes beyond taxation
Lafayette highlights that the draft bill brings four important changes in relation to the current legislation. Among the changes, the proposal goes beyond taxation and money laundering. It addresses issues such as the obligations of exchanges and smart contract developers. And it also defines, above all, what tokens, smart contracts and blockchains are.
The public consultation opened by the commission will allow institutions such as the Central Bank, the Securities and Exchange Commission (CVM) and the Federal Revenue Service to give their opinions on the text. The aim is mainly to ensure greater clarity regarding the roles and responsibilities of each institution in the crypto ecosystem.
Main new features of the draft crypto law
Clear definitions: The draft bill defines, for example, terms such as smart contracts, payment tokens, utility tokens and NFTs, offering greater legal certainty for the sector.
Specification of competencies: The project assigns the Central Bank the regulation of payment tokens and decentralized financial activities. While the CVM will be responsible for tokens with characteristics of securities.
Exchanges: Exchanges will be required to register their operations in a public and distributed ledger, conduct regular audits and follow rules for the custody of crypto assets. The idea is to ensure greater protection for investors.
Non-Fungible Tokens (NFTs) and Real Assets (RWAs): The draft bill establishes guidelines for the use of NFTs and the tokenization of real assets. These include, for example, real estate and financial rights.
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