Brazil’s Economic Affairs Committee approves bill to regulate Bitcoin, hits key milestone
- The Economic Affairs Committee has unanimously approved a bill for Bitcoin regulation, the key to crypto adoption.
- The crypto bill passed by the Committee will be put to vote on the Senate floor before presenting it to the President.
- Crypto adoption picks up pace as Thailand’s SET unveils plans to launch a digital-assets exchange and the Brazilian committee approves the Bitcoin regulation bill.
Brazil’s Economic Affairs Committee has approved a cryptocurrency bill for Bitcoin regulation; this is a key first step in the asset’s adoption. The bill could drive cryptocurrency usage in Brazil.
Brazil’s crypto bill could drive Bitcoin adoption
Brazil is keen on regulating cryptocurrencies. The country has now taken the first step in Bitcoin regulation, approving a bill to regulate the asset. In a watershed moment for crypto, Bitcoin regulation marks a key milestone in Brazil.
The bill addresses the ground rules for digital currency funds and their day-to-day usage, passing a critical legislative stage. The Brazilian Senate’s economic affairs committee approved the bill on Tuesday.
The bill is now out to vote in the Senate, and post-approval, it will arrive before President Jair Bolsonaro for signing it into law.
Brazil-based cryptocurrency asset managers recently launched a decentralized exchange-traded fund (ETF) on stock exchange B3. The recent move on crypto regulation, along with the $10.5 million raised by the crypto ETF, is a positive catalyst for Bitcoin and cryptocurrency adoption in Brazil.
Another ETF was launched in the second week of February 2022, and Brazilian investors are keen on adopting crypto. The arrival of the crypto bill in the weeks following the launch of the crypto-based exchange-traded funds and DeFi-focused investment products has fueled a bullish narrative among investors.
Crypto adoption is picking up momentum with Thailand Stock Exchange’s announcement to launch a digital assets exchange before the end of 2022. Despite rising geopolitical tension, global cryptocurrency demand could rise in response to positive crypto regulation and adoption.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
