Brazilian lawmakers are working on stricter regulations for cryptocurrency-related crimes and have approved a series of new penalties related to money laundering with cryptocurrencies.
Bill proposes an increase in minimum sentence
According to an official statement on Wednesday, the special committee of the Brazilian Chamber of Deputies has approved a bill that significantly increases penalties for financial crimes involving cryptocurrencies such as Bitcoin or Ethereum.
The latest regulatory changes are part of Bill 2303/15 and increase the number of fines from one-third of the money laundered to two-thirds. The bill also proposes to increase the minimum sentence from three years to four years and the maximum penalty from 10 years to 16 years and eight months, in addition to a fine.
Other aspects of the bill are more optimistic
Federal Deputy Aureo Ribeiro stressed that the new law would help the state protect Brazilians from crypto scams. He pointed out that in Rio de Janeiro, more than 300,000 people were affected by “financial pyramid schemes involving cryptocurrencies.”
According to Ribeiro, other aspects of the bill are more optimistic. The bill also regulates broader cryptocurrency operations such as trading, custody, fiat exchanges, and payments. Brazil has seen some recent signs of growing development and acceptance of cryptocurrencies. In August, Roberto Campos Neto, head of Brazil’s central bank, called on the state to support the crypto market by revamping local regulations.