Brazil’s President Jair Bolsonaro approved a crypto regulation bill recently passed by the country’s Chamber of Deputies and Senate on Thursday. The new law makes fraud involving virtual assets a crime punishable by four to six years in prison and a fine. It also creates a “virtual service provider” licence, which digital asset companies, such as exchanges and trading intermediaries, must apply for. According to the new regulations, digital assets that are considered securities will be supervised by the Brazilian Securities and Exchange Commission (CVM). Those who do not fall into that category (yet) will be overseen by a new body that will be formed. Following Thursday’s approval, businesses will have 180 days to adapt to the new rules.
