Brazil President Jair Bolsonaro has approved a crypto regulation bill recently passed by the country’s Chamber of Deputies and the Senate.
The new law establishes a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine.
The new law also creates a “virtual service provider” license, which is to be requested by digital asset companies, including exchanges and trading intermediaries.
According to the new law, digital assets that are considered securities will be supervised by the Brazilian Securities and Exchange Commission (CVM).
