Lula’s Administration Will Probably Review Brazil’s Cryptocurrency Law

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The freshly elected Luis Inacio “Lula” Da Silva administration will probably study and update the recently enacted Brazilian cryptocurrency law.

Expedito Netto, the law’s former rapporteur, has said that the incoming administration will probably examine the law to include some problems that were overlooked for its passage.

Brazil’s Crypto Law Isn’t Complete Yet, a Former Rapporteur Declares

According to comments made by its previous rapporteur, deputy Expeditto Netto, the country’s freshly elected congress will probably revisit the recently approved Brazilian cryptocurrency law.

According to Netto, the proposed modifications to the law are not yet final because the project may be discussed again to go over some of the unresolved concerns in order to receive approval.

There are still important topics that need to be debated and written into the law, according to Netto, who was passed over for reelection as a deputy in the general election held the previous year.

Analysts noted that imposing this on industry participants could limit the products they could supply owing to capital limits, hence the problem was finally omitted.

According to Netto, the proposed modifications to the law are not yet final because the project may be discussed again to go over some of the unresolved concerns in order to receive approval.

There are still important topics that need to be debated and written into the law, according to Netto, who was passed over for reelection as a deputy in the general election held the previous year.

Analysts indicated that imposing this on businesses in the sector could limit the products they could offer owing to capital limits, so the subject was finally dropped.

Analysts claim that the regulation does bring about adjustments that will make clients feel more secure while investing in bitcoin assets.

The law’s outright criminalization of bitcoin scams and the imposition of sanctions for those responsible is another of its lauded advantages.

Although this is a solid start, experts have expressed their displeasure with the manner in which the law was enacted, stating that extra regulation is needed to expand what the law already establishes.

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