The Brazillian Chamber of Deputies has approved a bill regulating the crypto industry.
The bill will become law upon approval by the executive branch.
The bill had been approved by the Senate in April and had been stuck in the Chamber of Deputies.
A new crime of fraud involving virtual assets, with a penalty of between two and six years plus a fine is being established by the bill.
The bill also stipulates the creation of a “virtual service provider” license, which is to be requested by companies, including exchanges and other crypto firms.
The bill has it that crypto assets considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM).
Other digital assets not falling into that category will fall under the responsibility of another body to be appointed by the executive branch.