Brazil plans to tighten rules over illicit crypto activities 2

Brazilian regulators authorities are ready to bring huge restrictions over the crypto related crimes that are going on in the country. 

At present Brazilian authorities are planning to pass a draft bill, officials are sure that they will get success to pass this bill. Draft crypto bill will enable Brazilians to allow crypto for payment purposes. But as we know, crypto has positive as well as negative sides, so to eliminate the negative phase of the bad actors, Brazilian authorities are planning to tighten the rules.

Read also: Brazil moves closer to implement Bitcoin’s legal framework

This draft bill is 2303/15. This bill will release highly strict rules over criminals, which will use crypto for illicit activities. This bill include high fines on the criminals, which will be around ⅓ of the laundered money and minimum 4 year to upto 16 years prison penalty. 

Right now, this bill is passed but this bill is further under more discussion and research to figure out whether everything is perfect or not. So the bill is under the Chamber’s Plenary.

Aureo Ribeiro, Federal deputy of Brazil, stated about this bill and said that the new bill will help Brazil’s citizens against crypto associated frauds and illegal activities. 

“With the lack of regulation, people have nowhere to turn. The market will advance and adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians”

Records show that, around more than 30,000 Brazilians faced fraud plans of crypto related pyramid Ponzi schemes. 

Here the steps of Brazilian authorities to tighten the crypto related illicit activities like money laundering or fraud, will help them to bring a better ecosystem for the Brazilian people with the adoption of crypto as payment medium.

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