Next week, the Brazilian cryptocurrency bill will be up for discussion in the Chamber of Deputies. This initiative aims to control the activities of cryptocurrency exchanges and custody agents while also establishing clear guidelines for mining. On November 22, the law will be considered after it was put on hold before the polls that took place on October 20.
The bill is the fourth item on the list of items to be debated in that session, thus if the chamber determines that it is important, it may be discussed and put to a vote. Nevertheless, deputies have the authority to alter the day’s schedule and postpone the bill’s consideration, as has previously been the case.
Due to the legislation that is currently being reviewed in the Senate, there may be a window of opportunity for the proposal to be discussed, according to local news. The transfer of power to President Lula may result in significant modifications to the budget law for 2023, requiring attention from both chambers, but prominent players in Brazil’s crypto sector have chosen to ignore this possibility.
The circumstances surrounding the suspension of withdrawals and the eventual bankruptcy of FTX, one of the largest cryptocurrency exchanges, caused various figures in the Brazilian cryptocurrency business to consider the relevance of the bill’s adoption.
Crypto taxation policies are needed since filings revealed by the Brazilian tax authority, RFB, about 1.5 million people invested in cryptocurrencies in September. These 1,490,618 people represent a rise of more than 10% when compared to the number of taxpayers who declared owning cryptocurrencies in August.