Yesterday, lawmakers in Brazil approved a package of regulations for cryptocurrencies. Bitcoin has been regulated as a means of payment.
The provision falls within the broader framework of the virtual assets of the South American country and only the signature of the President is missing before it becomes law. This does not mean that Bitcoin is legal tender in Brazil. Service providers such as exchanges (which will have to comply with specific rules to operate in Brazil) and the country’s Bitcoin service providers regarding trading, transfer, custody, administration or sale of cryptocurrencies on behalf of third parties are also regulated. Crypto assets considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM). At the end of October 2022 Tether announced that SmartPay plans to launch USDT in over 24,000 ATMs across Brazil.
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