Brazil is getting closer to regulating cryptocurrency assets and virtual asset service providers (VASPs). The cryptocurrency bill, identified with the number 4.401/2021, is set to be addressed this week, alongside other time-sensitive bills.
The current bill is the result of the combination of two different projects as part of the work of its proponents, who wanted to approve a crypto-centric law this year.
The project was approved by the Brazilian Senate in April and seeks to regulate cryptocurrency exchanges by creating a single regulator to deal with the issue. In the same way, the project legalizes cryptocurrency mining, and establishes tax exemption rules for mining institutions that present green projects using 100% renewable energy for the establishment of mining farms.
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