Brazil approves sanctions for money laundering with digital assets
The Special Commission of the Chamber of Deputies approved a maximum penalty of between 10 and 16 years in prison for those who commit crypto scams
The Special Commission of the Chamber of Deputies of Brazil approved the latest regulatory changes that are part of bill 2303/15 that provides for a strengthening of criminal measures for those who commit financial crimes using cryptocurrencies such as bitcoin.
The new legal statute increases “the amount of fines from one third of the amount of money laundered to two thirds.” In addition, it proposes to extend the “minimum prison sentences from three to four years, and increase the maximum prison sentence from 10 years to 16 years and eight months, in addition to a fine,” as specifies the official statement released by the Chamber.
Brazilian legislators are working to provide strict measures for crimes related to crypto, as well as the regulation of commerce and payments with crypto assets. The bill will be the subject of new debates in the plenary session of the Chamber.
Aureo Ribeiro, federal deputy, highlighted that the new legal framework will allow the state to “protect Brazilians from crypto scams, noting that more than 300,000 people were affected by “pyramid financial schemes related to cryptocurrencies” in Rio de Janeiro.
Ribeiro is bullish on the bill because it “regulates broader cryptocurrency operations such as trading, custody, fiat exchanges, and payments.” According to the deputy “bitcoin will be accepted as payment in Brazil once the bill is approved.”
During 2021, Brazil has shown its intentions to incorporate cryptocurrencies into its market, and one of the most significant was the request made by the head of the central bank, Roberto Campos Neto, on the modification of the legal regulations for adoption of cryptocurrencies.
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