BCGAME - Free 5BTC Daily Bonus!On November 12, the Chamber of Deputies approved a bill that addresses the obligation for cryptocurrency exchanges to have headquarters in Brazil, as well as the implementation of asset segregation. The text okay yesterday is a substitute from the rapporteur, deputy Aureo Ribeiro (Solidariedade-RJ), for Bill 4932/23, from the CPI of Financial Pyramids.
Specifically, the asset segregation that must be carried out by exchanges is a measure to ensure that users' assets are separated from the company's funds.
The bill approved by federal deputies establishes rules to prevent money laundering through transactions with virtual assets, such as Bitcoin. The proposal will be sent to the Senate.
Aureo Ribeiro highlighted that the Central Bank has not yet regulated the issue in the country after the conclusion of the CPI, which identified suspicions of the use of virtual asset services for money laundering and illegal remittance of funds abroad. “It is crucial to immediately establish some type of practice to prevent money laundering and financing of terrorism in the virtual asset sector,” he said.
Thus, until the implementation of the regulation of the Brazilian industry by the Central Bank, virtual asset trading companies in the country must adopt certain procedures to be in compliance, such as being incorporated in Brazil, identifying their clients and maintaining updated records; as well as adopting internal policies and controls compatible with their size and volume of operations; and, in addition, registering with the Financial Activities Control Council (Coaf).
In addition, cryptocurrency exchanges must also keep records of all transactions in both national and foreign currency, as well as securities, metals, virtual assets, or any asset that is convertible into cash worth more than R$10. Failure to comply with these rules by exchanges will result in penalties provided for in the legislation.
