Voting on a crypto bill has been postponed by the Brazilian Chamber of Deputies due to the upcoming presidential elections in October.
The Senate gave approval to the bill back in April. It was set to regulate crypto transactions and labelled crypto firms as “virtual service providers.” The bill was under serious consideration by the deputies and people were confident that it would eventually pass in the Chamber of Deputies and would then go to President Bolsanaro for his assent.
However, a proposed constitutional reform for the medical sector and budget guidelines law dominated the agenda in the Chamber of Deputies. Round one of Brazil’s presidential elections will be held on October 2, and as per multiple the popular candidate until now has been Lula da Silva.
The congressman in charge of presenting the bill in the lower house, Expedito Netto deleted two articles from the Senate’s original bill. Due to this, the Chamber of Deputies has not reached a consensus on this final text.
The articles which were removed by senator Netto at first, demanded crypto exchanges to already have an EIN in Brazil in order to apply for a license. One of those also asked exchanges to keep their assets separate from those of customers,
The Chamber of Deputies was asked by ABCripto to preserve the two initially proposed articles since they were rigid and reasonable. On the other hand, crypto companies like Bitso and Binance are welcoming Netto’s proposed omission of those two articles from the crypto bill.