The regulatory framework for cryptocurrencies in Brazil could be ready in 2027, according to a recent statement from the country’s central bank.

The regulatory body has outlined the timeline for establishing the stages of the regulatory process. The news has been considered a “sign that the country seeks to regulate the digital asset market with greater oversight and clear rules for stakeholders operating with users.”

In the regional crypto ecosystem, Brazil is considered an important market due to the size of its economy and its user base. “The fact that the Central Bank has set a timeline, establishing 2027 as the year in which rules for the crypto industry will be established, indicates an intention to move from general discussions to gradual implementation.”

The establishment of a timeline by the Central Bank of Brazil could have a decisive impact “on how cryptocurrency companies plan their expansion” in Latin America. It may also prompt other countries to accelerate “their own regulatory processes so as not to fall behind in supervisory standards.”

M.Pino

Source: diariobitcoin

(Reference image source: Ewan Kennedy on Unsplash)     

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The US Senate voted in favor of the new bill for the cryptocurrency sector. Bipartisan support gave the green light to new rules that protect investors and developers in this segment.

The new bill, called the Crypto Asset Market Clarity Act, was sponsored by the Chairman of the Agriculture Committee, Republican John Boozman, and Democrat Cory Booker.

With the proposal, the Senate seeks to define “which digital assets should fall under the purview of the Commodity Futures Commission (CFTC) and which will remain under the jurisdiction of the Securities and Exchange Commission (SEC).”

With the approval of this proposal, the category of “fungible digital assets” would be introduced into the regulations already under discussion. This category encompasses blockchain-based crypto assets that allow direct transfers between users without intermediaries. This definition excludes stablecoins, NFTs, and tokens of a speculative or humorous nature.

Key aspects of the bill include mandatory registration for cryptocurrency brokers, exchanges, and custodians; regulations against market manipulation, protection of client funds, and cybersecurity protocols; the appointment of a compliance officer responsible for fraud prevention; and exceptions for software developers and self-custody wallets.

If approved, the new law will establish an 18-month period for the CFTC to draft the final regulations, as well as a transition period for platforms to adapt.

M.Pino

Source: cripto247

(Reference image source: Kanchanara on Unsplash)

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La entrada US Senate passes new bill to regulate crypto market apareció primero en Bitfinance.