Brazil To Establish Cryptocurrency Regulations Committee

News, Regulation | June 3, 2019 By:

Rodrigo Maia, President of the Chamber of Deputies of Brazil, has requested to establish a special commission that will monitor cryptocurrency.

The Chamber of Deputies is a federal legislative body and the lower house of the National Congress of Brazil. The chamber comprises 513 deputies, who are elected by proportional representation to serve four-year terms.

Last week, Maia said that a special commission should be created to deliver an opinion on bill 2303/2015, which seeks to introduce regulation for bitcoin and other cryptocurrencies in Brazil. The commission will include 34 members in accordance with the House Rules of Procedure.

The news came after Fernando Furlan, president of the Brazilian Association of Crypto and Blockchain (ABCB), met with other representatives of the industry and authorities of the Attorney General’s Office, the Central Bank of Brazil, the Internal Revenue Service, and the Financial Activities Control Council to discuss the rules of the Financial Action Task Force on cryptocurrencies. The rules will be officially presented at the upcoming G20 finance ministers meeting in Japan.