Share this article
Brazilian Senate Committee Approves Bill Regulating Crypto Transactions
The project, introduced by Senator Flávio Arns, has to be voted on by the Senate plenary and then, if approved, by the Brazilian Chamber of Deputies.
By Paulo Alves
Updated May 11, 2023, 6:10 p.m. Published Feb 22, 2022, 8:44 p.m.
This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.
The Brazilian Senate's economic affairs committee approved a bill Tuesday regulating crypto transactions.
STORY CONTINUES BELOW
The bill, introduced by Senator Flávio Arns, has to be voted on by the Senate plenary and, if approved, then by the Brazilian Chamber of Deputies. The executive branch then has the power to veto the bill.
After approving Arns' bill, the Brazilian Senate shelved two other crypto bills presented by senators Styvenson Valentim and Soraya Thronicke.
The bill presented by Arns creates the label "virtual service providers" for crypto companies, which will be subject to criminal liability for violations against the Brazilian financial system.
Arns’ bill keeps the Brazilian Securities and Exchange Commission from supervising the Brazilian crypto ecosystem – except for initial coin offerings (ICO) ≠ and allows the Brazilian executive branch to choose a supervisor.
In the bill, Arns also proposes joint overview of crypto between the Brazilian Central Bank and the tax collection agency, Receita Federal.
If the bill is approved, the executive branch will provide crypto companies with authorization to operate. In addition, crypto firms will have to notify the Brazilian Financial Activities Control Council of transactions suspected of money laundering.
The bill also specifies a new crime carried out with virtual assets, punishable by a penalty of between four and eight years in prison and a cash fine.
Until 2029, the bill exempts from taxation purchases of machinery and software for processing, converting and mining cryptocurrencies by companies that neutralize 100% of emissions.
This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese can be found here.
Read more: Brazilian Crypto Exchange Foxbit Raises $21M in Series A Funding
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
CFTC Gives No-Action Leeway to Polymarket, Gemini, PredictIt, LedgerX Over Data Rules
The CFTC granted the operators of Polymarket, PredictIt, Gemini and LedgerX permission to skip certain recordkeeping requirements.
What to know:
- The Commodity Futures Trading Commission granted several prediction-market firms certain regulatory leeway in meeting derivatives rules, suggesting they won't get into enforcement trouble if they do business as intended.
- The no-action letters went to Polymarket, PredictIt, Gemini and LedgerX/MIAX.
Top Stories
