President of Brazil Sanctions Cryptocurrency Law

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Law 14.478, which governs cryptocurrency-related activities and virtual asset service providers (VASPs) in Brazil, was adopted by President Jair Bolsonaro.

The document will start to be used 180 days after it was sanctioned, on the last day of the authorised period.

In Brazil, a Cryptocurrency Law has finally been approved.

Just in time, Brazil has finally adopted its cryptocurrency law.

On December 21, when it was published in the Official Journal of the Union, the nation’s official journal, President Jair Bolsonaro signed bill 14.478 into law after having nearly finished the entire term for taking action.

Exchanges and other governed entities have 180 days to get ready for the new regulations following Bolsonaro’s suspension.

The majority of responses to the law’s ratification have been positive, and those working in the sector see this as the beginning of regulating the legal status of cryptocurrencies and cryptocurrency trading in Brazil.

However, the proposal had to be approved without a number of contentious components, such as finance segregation and tax breaks for green mining companies, due to differing opinions on the matter.

Given the diversity of views on the subject, segregation and tax benefits for green mining businesses are both possible.

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