Officially.. Brazil approves the trading of encrypted electronic currencies with the encryption law

Brazil announced that it is in the process of approving dealing in encrypted electronic currencies, led by “Bitcoin” in its internal markets, by discussing the encryption law, which is being discussed by lawmakers in Parliament.

Brazilian President Jair Bolsonaro signed the previously proposed encryption bill into law.

The Brazilian parliament approved the draft encryption rules last November, so starting now, all crypto operators operating in the Latin American country will have 180 days to ensure compliance with these new laws.

A statement from Brazil’s presidency revealed that Brazil will likely get a new internal committee that monitors all cryptocurrency activity processed in the country, and upcoming cryptocurrency companies that aim to set up shop in Brazil will now have to obtain the relevant “Virtual Service Provider” license. to work legally there, according to gadgets360.

According to a report by CryptoPotato, under the laws, once crypto companies get their approvals, they will be able to set up physical offices in Brazilian cities.

Changpeng Zhao, CEO of cryptocurrency exchange Binance, described Brazil’s move as a milestone in the global crypto sector.

The laws are meant to protect investors from exposure to financial fraud because the crypto sector is riddled with scammers and, in general, crypto transactions are untraceable.

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