Nikolas Sargeant
The Brazilian Senate is set to hold a public hearing on crypto regulation, following a new push to update the country’s existing laws. Lawmaker Senator Soraya Thronicke of the Podemos Party introduced a bill aimed at regulating virtual assets service providers (VASPs), covering areas such as coin issuance and token management. In response, Senator Rogerio Carvalho of the PT party requested a public hearing to further analyze the implications of this legislation.
Carvalho, a leader of the governing coalition, emphasized the need for expert consultation before passing new laws, citing the rapid growth of Brazil’s crypto market. He highlighted the importance of conducting an in-depth technical analysis to ensure legal clarity, transparency, and protection for customers and investors alike. With crypto's increasing influence in the digital economy, this hearing aims to pave the way for more robust regulation.
The public hearing will be hosted by the Senate’s Economic Affairs Committee, though the date is yet to be set. The event will include representatives from two regulatory bodies, the Central Bank of Brazil (BCB) and the Securities and Exchange Commission (CVM), as well as industry groups like the Brazilian Association of Cryptoeconomics (ABCripto) and the Brazilian Financial and Capital Markets Association (Anbima).
Growing crypto regulation in Brazil
Crypto adoption is growing rapidly in Brazil, making these regulatory changes an urgent priority. Adriana Ventura, a Brazilian lawmaker, has introduced legislation to allow investment funds to invest in crypto. Brazil’s tax authority is taking steps to modernize its crypto tax framework, and the country is considering a strategic Bitcoin reserve.
Senator Thronicke has long advocated for stronger crypto regulation, proposing bills in 2020, 2022, and now 2024. Her latest proposal would require crypto exchanges, including foreign platforms serving Brazilian users, to obtain operating permits, fostering greater transparency and security in the sector.
