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.
If you wish to start with Bitcoin investment or buy crypto, you could use trusted Bitcoin Cryptobroker – BC Bitcoin. It offers cheap Cryptocurrency as well as allows you to buy crypto with credit card or bank transfer online.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards