RATE Group | Brazilian government takes step forward in cryptocurrency regulation
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Brazilian government takes step forward in cryptocurrency regulation

29 Apr Brazilian government takes step forward in cryptocurrency regulation

Posted at 22:39h in Cryptocurrency News by

This post is also available in: Español (Spanish)

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Contxto – Cryptocurrency startups and enthusiasts in Brazil have a reason to celebrate. The government announced that, as of next May, cryptocurrency exchanges will now operate under a designated code (“6619-3/99”). This little number from then on out will refer to the “brokerage and possession of crypto-assets.”

Why it’s a big deal: this move further legitimizes the role cryptocurrencies have in the Brazilian economy as a whole. Likewise, it validates the circulation of these digital assets in the country.

Win-win for the government and cryptocurrency users?

What convinced the Brazilian government to move forward with this decision is related to fraud and money laundering prevention. Here’s how it works.

The Brazilian Institute for Geography and Statistics (IBGE, for its acronym in Portuguese) hosts the National…

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