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Brazilian President Signs Crypto Regulatory Law

Brazilian President Signs Crypto Regulatory Law

Bolsonaro, the current Brazilian president, has signed a bill to regulate the digital currency market that recognizes innovative instruments as a means for payments and capital accumulation.

Bolsonaro has signed the law after it was approved by the Brazilian Parliament. The document was submitted for the President’s signature at the end of last month.

Brazil does not allow paying for goods and services with Bitcoin. However, the country’s legislative framework allows the use of stablecoins as a means of payment.

The document also introduces mandatory licensing of crypto companies. According to it, they must receive the status of virtual service providers.