Key facts:
The regulation of cryptocurrencies would protect users, according to the Chamber of Deputies.
The purchase and sale of cryptocurrencies are an alternative resource transfer in Brazil.
Public hearings on bill 2303/2015 indicate that many deputies want regulation for the sector, but, unlike what was discussed in the past, the trend is not the prohibition of cryptocurrencies in Brazil, as indicated the portal of the Chamber of Deputies.
"The lack of regulation puts everything at risk, because people who invest and lose their money have no one to turn to," said Deputy Aureo Ribeiro, author of the bill. “People want to establish a regulation without‘ taxing ’, to give peace of mind to those who use cryptocurrencies in Brazil.”
According to the report, the director of business and operations of the National Federation of Banks, Leandro Vilain, recognized the need for regulation, but stressed the importance of deepening the discussion on the fiscal issue.
"The purchase and sale of cryptocurrencies in different geographies has been seen as an alternative to the transfer of resources without performing a formal exchange operation and without the taxation of traditional exchange operations," he said.
The report also highlights that the president of the Commission, Deputy Gustinho Ribeiro, said that the regulation, in addition to creating rules on those transactions, will also limit crimes related to the commercialization of cryptocurrencies.
“Many people use cryptocurrencies for money laundering. The scams have been applied due to the ease that the virtual world offers to people who want to commit those crimes, ”he said. "We have to build a transparent environment so that companies and individuals can operate safely in that market."
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