Brazil’s Economic Affairs Committee Approves Bill to Regulate Bitcoin, Achieves Key Milestone

  • The Economic Affairs Committee has unanimously approved a bill to regulate Bitcoin, key to crypto adoption.
  • The cryptography bill passed by the committee will be put to a vote in the Senate before presenting it to the president.
  • Crypto adoption picks up speed as Thai SET unveils plans to launch digital asset exchange and Brazilian committee approves Bitcoin regulatory bill.

Brazil’s Economic Affairs Commission has approved a cryptocurrency bill for Bitcoin regulation; this is a key first step in the adoption of the asset. The bill could boost the use of cryptocurrency in Brazil.

Brazil’s Crypto Bill Could Boost Bitcoin Adoption

Brazil is keen on regulating cryptocurrencies. The country has now taken the first step in bitcoin regulation, approving a bill to regulate the asset. At a watershed moment for crypto, Bitcoin regulation marks a key milestone in Brazil.

The bill addresses the basic rules of digital currency funds and their daily use, passing a critical legislative step. The Brazilian Senate’s Economic Affairs Committee approved the bill on Tuesday.

The bill must now be voted on in the Senate and, after its approval, it will arrive before President Jair Bolsonaro to enact it.

Brazil-based cryptocurrency asset managers recently launched a decentralized exchange-traded fund (ETF) on the B3 exchange. The recent development in crypto regulations, along with the $10.5 million raised by the crypto ETF, is a positive catalyst for Bitcoin and cryptocurrency adoption in Brazil.

Another ETF was launched in the second week of February 2022, and Brazilian investors are keen to embrace crypto. The arrival of the crypto bill in the weeks following the launch of crypto-based exchange-traded funds and DeFi-focused investment products has fueled a bullish narrative among investors.

Crypto adoption is gaining momentum with the Stock Exchange of Thailand announcing to launch a digital asset exchange before the end of 2022. Despite rising geopolitical tensions, global demand for cryptocurrency may increase in response to positive crypto regulation and adoption.