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Brazilian Congress Delays Voting Crypto Bill Until After October Presidential Elections

Initially, delegates were scheduled to review the text this week, which has already been approved by the Senate.

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil’s leading financial news publications. Follow CoinDesk Brasil on Twitter.

Sources close to the matter told CoinDesk, Brazil’s House of Representatives has postponed voting on a cryptocurrency bill until after the October presidential election.

Delegates will consider the cryptocurrency bill before the parliamentary session, which begins next week, but the handling of the budget guiding law and proposed constitutional reform for the health sector has dominated the agenda. legislative agenda.

In April, the Senate approved the bill, regulating cryptocurrency transactions and creating a “virtual service provider” label for crypto companies.

For its part, the House of Representatives has yet to reach consensus on the final text when Representative Expedito Netto (PSD-RO), in charge of presenting the bill in the lower house, removed two articles from his original bill. The Senate. The first article to be deleted requires exchanges to keep their assets separate from customer assets, while the second requires exchanges to have an EIN in Brazil in order to apply for a license.

ABCripto, the association that brings together local exchanges, has asked the House of Representatives to preserve those two original papers; Meanwhile, foreign companies like Binance and Bitso welcome Netto’s proposed changes.

The first round of Brazil’s presidential election will take place on October 2, with former president Lula da Silva leading, according to the latest polls. A match will take place on October 30.