The legislation dedicated to the crypto market regulation in Brazil is reportedly awaiting official greenlight from the National Congress in the first half of 2022. 

Specifically, the bill – which was up for discussion in the Chamber of Deputies since 2015 – has reportedly received approval in the first round of consideration. 

The Senate has attached it to a different crypto-centric legislation, which has already been granted regulatory approval from the Economic Affairs Committee of the Senate.

Two legislators, Senator Irajá Abreu and Deputy Aureo Ribeiro, both rapporteurs of the previously mentioned proposals in their respective legislative chambers, are working on a draft ò a unified text for the legislation that will be sent to the full Senate vote.

“I’m doing everything in contact with the Chamber’s rapporteur, who did a very good job. The Central Bank’s technical team has also been very helpful. The texts are similar and converged into one,” Senator Irajá additionally remarked. 

Irajá further revealed that the president of the Senate, Rodrigo Pacheco, has his own expectation of putting the unified bill to an April plenary vote. 

“By joining the projects together, we accelerated the approval of this cryptocurrency milestone. There is a market demand for a safer business environment and the need for criminal classification to avoid fraud, in addition to adjusting Brazil to international agreements.”

The proposed legislation would reportedly make it legally possible for the Brazilian president to select a federal agency, tasked with coming up with rules for cryptocurrencies. 

The president would either create a new regulator or delegate this function to the nation’s Securities and Exchange Commission (CVM) or the Central Bank of Brazil (BC).