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Cryptocurrency regulation is one of the most followed projects among the Chamber's 24,000

Cryptocurrency

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Bill 2303/2015, which aims to regulate the crypto sector in Brazil, is among the most popular proposals in the Chamber of Deputies in the current legislature (2019-2022).

According to a survey conducted by Agência Câmara, the PL is the seventh most watched in the area of ​​Economics, with about 15 thousand views. The data were obtained through Google Analytics and comprise accesses made from February 2019 to January this year to the pages of each proposal.

The ten projects that attracted the most interest from society on 13 different topics are highlighted. In Economics, the leadership was with PEC 45/2019, which deals with Tax Reform and received about 100 thousand views.

Also according to the survey, 24,101 proposals are currently being processed in the Chamber, including Proposals for Amendment to the Constitution (PEC), Law Projects (PL) and Complementary Law Projects (PLC). Of these, 5,370 were presented in 2019 alone.

In total, the pages of proposals pending at the House had 23.8 million views. According to Agência Câmara, the data reflect the interest aroused by these projects amid the total pending.

PL and CPI in the Chamber

Authored by Congressman Aureo Ribeiro (SD-RJ), PL 2303/2015 “allows the Central Bank to discipline and monitor the market for digital currencies, such as bitcoins, and airline frequent flyer programs”.

The project is still being discussed in the middle of a special commission that has already held a series of public hearings in the Chamber.

Filed in 2015, the PL was filed at the end of 2018 – as is customary at the end of each legislature – and unarchived in March 2019, when the special committee for the topic was also created.

The MP also proposed the installation of a CPI to investigate financial pyramids, one of the crimes that use cryptocurrencies as a pretext for scams.

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Deputy Aureo Ribeiro (SD-RJ), author of a project aimed at regulating cryptography in Brazil.
(Photo: Pablo Valadares / Chamber of Deputies)

A CPI can summon people to testify, hear witnesses, request documents and determine due diligence, among other measures.

The application is already in the hands of the Mayor, Deputy Rodrigo Maia (DEM-RJ). The installation, however, has no date to occur and has been pending since the end of 2019.

Senate Proposals

In addition to the Chamber of Deputies, there are two projects in the Senate that aim to regulate the sector, with a focus on investor protection and the rules to be followed by brokers: PL 3825/2019, by Flávio Arns (Rede-PR), and PL 3949/2019, by Styvenson Valentim (Pode-RN).

The Arns project was in progress at the CCJ (Commission for Constitution and Justice) at an advanced stage until Valentine filed a request for the two proposals to be analyzed together.

The document is awaiting consideration by the Senate plenary. There is no provision for the matter to enter the voting list, which leaves the process stagnant.

So far, the main regulation of the cryptocurrency universe in Brazil comes from Normative Instruction 1888, implemented by the IRS last May and in force since August 1.

The crypto sector itself is divided in terms of discussions. One party sees on the horizon the possibility of a market finally with rules to be followed. Another group sees the proposals on the table as a new obstacle to development and the innovations that the theme allows.


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