Brazilian Senate Greenlights ‘Bitcoin Law’

This week, Brazil’s Senate approved a bill on cryptocurrencies during a plenary session, paving the way for official regulation of crypto in the world’s ninth-largest economy.

The bill needs approval from the Chamber of Deputies before it can be signed into law by President Jair Bolsonaro. This likely will not occur until later this year.

First introduced in 2015, the bill allows Brazil’s executive branch to create rules on virtual assets. The bill still needs to decide if Brazil’s central bank, Securities and Exchange Commission, or a brand-new body will regulate the industry.