Bolsonaro sanctions the regulation of the cryptocurrency market

President Jair Bolsonaro sanctioned the law that regulates the cryptocurrency market, defining virtual assets, providers and the crime of fraud with the use of cryptoassets and their penalties. The text (Law 14,478, of 2022) was published in this Thursday’s (22) edition of the Official Gazette (DOU) and enters into force after 180 days.

According to the new law, virtual asset service providers can only operate in the country with prior authorization from a federal public administration body or entity. The body responsible for the regulation will set the terms and deadlines, not less than six months, for the adaptation to the rules of the project by the service providers of virtual assets that are active.

Among other things, the law adds to the Penal Code (Decree-Law 2848 of 1940) a new type of embezzlement, punishable by imprisonment from four to eight years and a fine. Anyone who organizes, manages, offers or distributes wallets or mediates operations involving cryptocurrencies to obtain an illegal advantage to the detriment of others, by inducing or keeping someone in error, will be involved in the crime of fraud using virtual assets.

In the law on money laundering (Law 9.613 of 1998), the rate includes crimes committed through the use of virtual assets among those with an aggravating factor of one-third to two-thirds of an increase in the prison sentence from three to ten years , when. practiced repeatedly.

The text also stipulates that companies must keep a log of transactions for the purpose of passing information to inspection bodies and to fight organized crime and money laundering.

virtual wealth

The law defines a virtual asset as a digital representation of value that can be traded or transferred electronically and used to make payments or for investment purposes. Traditional currencies (domestic or foreign) are excluded from this framework; real resources are held electronically; loyalty program points and rewards; and securities and financial assets according to the existing regulation.

One of the changes made by the Senate was the inclusion of permission for public administration bodies and entities to keep accounts in these companies and to carry out operations with virtual assets and derivatives in accordance with the regulations of the Executive Branch.

The norm originates from PL 4.401/2021 approved in November by the Chamber of Deputies, and in April of this year by the Senate. The author of the draft law is the federal deputy Aureo Ribeiro (Solidariedade-RJ). The proposal included excerpts from PL 4.207/2020, by Senator Soraya Thronicke (União-MS). In the Senate, this proposal was presented by Senator Irajá (PSD-TO).

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