Crypto Adoption Boom: Brazil Signs Into Law Crypto Payments

Brazil just signed into law crypto payments, boosting adoption at a global scale. Check out the latest reports below.

The President of Brazil, Jair Bolsonaro, is signing new legislation to regulate the use of crypto assets in his country.

According to a recent government memo, the Brazilian President is signing a bill into law that would regulate crypto providers, according to the latest reports.

As the online publication the Daily Hodl notes, “The bill defines what virtual assets are and what firms must do to obtain authorization to provide them.”

It’s also worth noting the fact that this also updates previous laws to include virtual assets in cases of fraud, money laundering, and crimes against the national financial system.

Among the requirements of the law are that all crypto exchanges and brokers must be based on “free enterprise, free competition, transparency, sound risk-based approaches, consumer protection, and due diligence in preventing illicit activities, such as money laundering and terrorist financing.”

Here’s what more details were revealed:

“Organizing, managing, offering or distributing portfolios or intermediating operations involving virtual assets, securities or any financial assets in order to obtain an illicit advantage, to the detriment of others, inducing or keeping someone in error, through artifice, ruse or any other fraudulent means. Penalty – imprisonment, from 4-8 years, and a fine.”

A popular crypto strategist is expressing long-term bullish sentiment for Bitcoin (BTC) as the next halving approaches.

The host of crypto YouTube channel InvestAnswers said that Bitcoin could rally by nearly 380% from current levels en route to printing a new all-time high at the top of the next bull market.

“I’m sticking with a much more conservative price of $80,000 for the next cycle. That would be sometime in the year 2024.”

Check out our previous article in order to learn more details.