Bill 4401/2021, which aims to create a legal scope for the crypto market in Brazil, will be voted on next week, said on Wednesday (23), via social media, deputy Expedito Netto (PSD), rapporteur of the PL in the Chamber of Deputies. The expectation is that the vote will take place on Tuesday (29).
The deputy met yesterday with the government leader in the Federal Chamber, deputy Ricardo Barros (PP), in addition to representatives of parties, the Central Bank, the Civil House and the Government Secretariat, to address the issue.
“As rapporteur, I tried to bring a lean text that brings legal security to everyone and also that puts Brazil in the hall of economically developed countries”, said Netto. “Let the vote come next week.”
After months stalled in the House amid the lack of consensus on some points of the text and, later, due to the elections, the PL returned to the agenda several times, but was never taken to the Plenary – the last time this week.
Among the points of disagreement is the obligation for brokers to segregate their own assets from client funds – national companies, such as Mercado Bitcoin, are in favor; and foreigners like Binance are against it.
In addition, the so-called transition rule is discussed, which gives 180 days for foreign companies to adapt to the new rules, including the request for a license to operate in Brazil. To the Valor Econômico newspaper, Netto stated that the 180-day rule will be maintained in the text, but the segregation rule will not.
Names in the national market had already given up segregation to speed up the approval of the text, but renewed hopes that the item would be maintained with the argument that the measure would avoid cases like that of FTX, which used customer money for leveraged operations.
The Central Bank, which should be appointed as the sector’s supervisory body, also insisted on the presence of segregation in the base text. With the exclusion of the PL section, the BC should resume the matter in the phase of discussions of infralegal norms, already under its probable command, as previously advanced by the InfoMoney🇧🇷
The effort to approve the PL for cryptocurrencies later this year responds to an appeal from industry players, who fear that discussions will return to square one if the matter is left for consideration only next year, with a new legislative – Expedito Netto, for example, he was not re-elected.
Netto, it is worth remembering, was appointed on Tuesday (22) to the science, technology and innovation nucleus of the transition team of president-elect Luiz Inácio Lula da Silva (PT). Considered the “father” of the crypto bill, deputy Aureo Ribeiro (Solidariedade) also joined the transition team, in the area of communications.