Brazil Appoints Central Bank and Securities Commission as Crypto Market Regulators

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Brazil Appoints Central Bank and Securities Commission as Crypto Market Regulators
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In December 2022, former Brazilian President Jair Bolsonaro approved a crypto regulation bill that was passed by Brazil’s Chamber of Deputies and the Senate. The law created a “virtual service provider” license and established a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine.

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