Lula da Silva signs cryptocurrency law

The law that will regulate cryptocurrency transactions in Brazil will come into effect on June 20. The central bank of the country will be the authority in the sector

The president of Brazil, Luiz Inácio Lula da Silva, signed the cryptocurrency law. It will enter into force on June 20, with the Central Bank as the regulatory entity.

The signing of the long-awaited law was carried out by the president of the nation in the company of the Minister of Economy, Fernando Haddad, as well as the president of the BCB, Roberto Campos Neto. Although it had already been approved by Jair Bolsonaro in November 2022, it went through several revisions until its official signature by the current president.

The main entity that will monitor the crypto market is the Central Bank of Brazil, but it will work together with the National Securities Market Commission in everything related to cryptocurrencies, blockchain technology, Web3, among others.

“Among the powers that the Central Bank will have is to authorize which companies will be able to operate or not in the local market. It will also have the responsibility of supervising the operation of the sector and regulating the provision of services with “virtual assets” (definition used in the law to refer to cryptocurrencies)”, quotes Diario Bitcoin.

Reactions from local cryptocurrency market participants have been positive. And they have stressed that they will continue to work together with official entities to promote investment in innovation and security.


Source: diariobitcoin

(Reference image source: Kanchanara, Unsplash)

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