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Brazil Expects Greater Crypto Adoption and Legalizes Crypto Payments

Gus – Cryptocurrency Expert 

Brazil's President, Jair Bolsonaro, has approved legislation that makes it legal and regulated for citizens to use Bitcoin (BTC) and other cryptocurrencies as a form of payment there.

According to the federal government's official journal, Bolsonaro signed a bill into law that established the nation's official and comprehensive framework for the trading and usage of ‘virtual currencies' in Brazil. The legislation was signed recently and made public after being previously approved by Congress.

That was said:

'For the purposes of this Law, a digital representation of value that can be traded or transferred by electronic means and used to make payments or for investment purposes is considered a virtual asset.’

National and foreign currencies, electronic currencies, tools that offer advantages and services (such as points and prizes from loyalty programs), securities, and financial assets are all excluded from this.

The term ‘virtual asset providers’ (VASPs) refers to companies that carry out at least one of the following services on behalf of third parties: exchanges between virtual assets and real money, or between one or more virtual assets; transfers of virtual assets; custody or administration of virtual assets or of tools that give users control over these assets; participation in financial services; and provision of services associated with an issuer's or a seller's offer of virtual assets.

The paper further mentioned:

‘Virtual asset service providers may only operate in the country with prior authorization from a federal public administration body or entity.’

Crypto assets will not be accepted as legal money in Brazil by its citizens.

New law will be utilised 180 days after its publication.

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