https://cointelegraph.com/news/brazil-s-oldest-bank-allows-residents-to-pay-off-tax-bill-with-crypto
Brazil’s oldest bank allows residents to pay their taxes using crypto
The move will allow Brazilian taxpayers to easily settle their tax liabilities while expanding “access” to the digital asset ecosystem.
According to a statement published by Brazilian bank Banco do Brasil on Feb. 11, it is now “possible” for Brazilian taxpayers to pay their tax bill with crypto in a joint initiative with Brazilian-based crypto firm Bitfy.
Topic: Brazil Crypto Laws Demand Up to 6 Years Prison for Embezzlement (Read 132 times)
January 03, 2023, 12:00:56 PM
-snip-
I wonder what Malta will gonna do about the same issues, since they are kinda the strongest in EU regarding the crypto framework.
I wonder what Malta will gonna do about the same issues, since they are kinda the strongest in EU regarding the crypto framework.
The EU has a legal framework for crypto crimes including Malta as a member state, called the 4th EU Anti-Money Laundering Directive (AMLD4). While malta is notoriously more crypto-industry-friendly, it doesn't also get special "concession" treatment. Even (imo) malta will have more scrutiny.
January 03, 2023, 05:16:27 AM
Since the collapse of the FTX exchange, many countries drafted several new rules and laws against crypto companies operating in their respective jurisdictions, the current example of Brazil, we know Brazil currently has several crypto exchanges, for example: Binance alone has two offices in Brazil operating at the moment.
I actually didn't think about that, but it makes sense. I wonder what Malta will gonna do about the same issues, since they are kinda the strongest in EU regarding the crypto framework.
January 02, 2023, 10:07:45 AM
I believe that's fine! When a legal framework is being provided for crypto payments, they must look at the other side of the story as well. Unless an appropriate legal provision is available, it's becomes somewhat easy for the frauds to play with the law to decrease the severity of their punishment.
So what the Brazilian government is doing, is fine! They are providing appropriate legal provisions to punish the fraudsters. I definitely welcome this!
So what the Brazilian government is doing, is fine! They are providing appropriate legal provisions to punish the fraudsters. I definitely welcome this!
January 02, 2023, 08:19:31 AM
I suspect it could be because if they approved that, the number of exchanges allowed in the brazilian territory would be too restricted,
You have a point, but I think only small exchanges will be affected by asset segregation and honestly, it'd be better if they didn't operate in the space [they shouldn't offer exchange services if they have to solely rely on customer assets to maintain a normal operation for a long period]... I read a few articles before and from what I understood, most of the impact would be toward future products that they'd be offering to customers [e.g. limits for its development and etc...], as opposed to the normal exchange of assets into other forms. 
December 31, 2022, 05:27:11 PM
Did anyone follow this news?
I just read it and I'm glad that for once, the intended targets are actually the exchanges [as opposed to customers], but it would've been better if there was also an approval for the asset segregation clause [it could've provided better protection for newcomers or those who have a habit of keeping their funds in such platforms].Anyway, Binance announced the nephew of the new Minister of Economy from the new government Lula, which is going to take control tomorrow, as general manager of the company in Brazil. It was a clear political movement from Binance in Brazil.
December 30, 2022, 08:53:28 AM
Did anyone follow this news? I just saw it, they also, just a few hours ago, submitted a law legalizing crypto payments.
Since the collapse of the FTX exchange, many countries drafted several new rules and laws against crypto companies operating in their respective jurisdictions, the current example of Brazil, we know Brazil currently has several crypto exchanges, for example: Binance alone has two offices in Brazil operating at the moment.From the news/sources that you display here, the steps for the Bill from the Brazilian authorities, in my opinion, are only one, namely:
Quote
This would hypothetically protect customers from corporate malfeasance and other crippling events such as exchange bankruptcy.
Nothing more, Brazil cares about crypto users especially its people stay safe, they want to protect their people against problematic crypto foam, care about the bill.
December 24, 2022, 12:34:10 PM
Did anyone follow this news?
I just read it and I'm glad that for once, the intended targets are actually the exchanges [as opposed to customers], but it would've been better if there was also an approval for the asset segregation clause [it could've provided better protection for newcomers or those who have a habit of keeping their funds in such platforms].Well, the crime of embezzlement exists and is punishable in most countries in the world, if not all,
You have a point, but I don't think it applies to digital assets in most cases. 
December 22, 2022, 11:18:27 PM
Well, the crime of embezzlement exists and is punishable in most countries in the world, if not all, because I do not know the casuistry of each country. The penalties imposed are a bit high, I would say.
I'm fine with it, legalizing payment with cryptocurrencies and imposing penalties on those who defraud seems fair to me.
I just saw it, they also, just a few hours ago, submitted a law legalizing crypto payments.
I'm fine with it, legalizing payment with cryptocurrencies and imposing penalties on those who defraud seems fair to me.
December 22, 2022, 05:02:29 PM
Did anyone follow this news? I just saw it, they also, just a few hours ago, submitted a law legalizing crypto payments.
Source: https://blockworks.co/news/brazil-crypto-laws-demand-up-to-6-years-prison-for-embezzlement
Quote
Brazil lawmakers have formally approved a regulatory framework set to govern the country’s crypto sector.
The bill drew attention earlier this year after a previous version passed through the Senate in April. It had since since been stuck in the Chamber of Deputies, the government’s lower house.
Local media reported that the text, written by federal deputy Aureo Ribeiro, includes a new crime: digital asset embezzlement, which appears targeted at exchange operators.
Penalties include prison time between two to six years along with fines, which can also be handed out to entities which operate in Brazil without a physical presence.
There’s also a rule requiring crypto companies such as exchanges and other intermediaries to hold a virtual service provider license, similar to rules set in place across the US and Europe.
The country’s efforts to regulate local crypto players comes amid turmoil in the wider digital asset space. Strife was most recently prompted by the collapse of FTX, which has left up to one million users out of pocket including regular investors, crypto projects and hedge funds.
Former FTX CEO Sam Bankman-Fried allegedly siphoned user funds to make risky bets across crypto markets via sister trading unit Alameda Research, leading to a multibillion-dollar black hole in its balance sheet and a crippling liquidity crisis.
Brazil lawmakers however disagreed over whether to demand crypto exchanges ensure client funds are segregated from operational cash. This would hypothetically protect customers from corporate malfeasance and other crippling events such as exchange bankruptcy.
But Ribeiro effectively opposed this proposed change, saying it would stifle the crypto market. Currently on hold, the asset segregation issue will be debated at a later date.
Crypto is big in Brazil
Government-appointed bodies will reportedly decide which digital assets can be listed for trade, and relevant companies will have an 180-day grace period to comply with the incoming rules.
Brazil, which has suffered from high inflation for decades, is one of the most active crypto markets in the world, according to recent Chainalysis data. About 5% of its population actively invests in crypto, and more than 900 Brazil-based companies currently accept crypto as payment.
One silver lining could be that the domino-style tumbling of unregulated crypto firms over the past year may usher in regulated institutions with stronger compliance frameworks and robust risk systems. At least, that’s what Brazil’s incoming crypto regulations could inspire.
Brazil’s bill is already approved, but it will now head for a signature from outgoing president Jair Bolsonaro before his term ends on Dec. 31. Luiz Inácio Lula da Silva is expected to take up office on Jan. 1.
Some lawmakers reportedly preferred the bill be approved during Bolsonaro’s term, over fears Silva may not be as enthusiastic about cryptocurrency.
The bill drew attention earlier this year after a previous version passed through the Senate in April. It had since since been stuck in the Chamber of Deputies, the government’s lower house.
Local media reported that the text, written by federal deputy Aureo Ribeiro, includes a new crime: digital asset embezzlement, which appears targeted at exchange operators.
Penalties include prison time between two to six years along with fines, which can also be handed out to entities which operate in Brazil without a physical presence.
There’s also a rule requiring crypto companies such as exchanges and other intermediaries to hold a virtual service provider license, similar to rules set in place across the US and Europe.
The country’s efforts to regulate local crypto players comes amid turmoil in the wider digital asset space. Strife was most recently prompted by the collapse of FTX, which has left up to one million users out of pocket including regular investors, crypto projects and hedge funds.
Former FTX CEO Sam Bankman-Fried allegedly siphoned user funds to make risky bets across crypto markets via sister trading unit Alameda Research, leading to a multibillion-dollar black hole in its balance sheet and a crippling liquidity crisis.
Brazil lawmakers however disagreed over whether to demand crypto exchanges ensure client funds are segregated from operational cash. This would hypothetically protect customers from corporate malfeasance and other crippling events such as exchange bankruptcy.
But Ribeiro effectively opposed this proposed change, saying it would stifle the crypto market. Currently on hold, the asset segregation issue will be debated at a later date.
Crypto is big in Brazil
Government-appointed bodies will reportedly decide which digital assets can be listed for trade, and relevant companies will have an 180-day grace period to comply with the incoming rules.
Brazil, which has suffered from high inflation for decades, is one of the most active crypto markets in the world, according to recent Chainalysis data. About 5% of its population actively invests in crypto, and more than 900 Brazil-based companies currently accept crypto as payment.
One silver lining could be that the domino-style tumbling of unregulated crypto firms over the past year may usher in regulated institutions with stronger compliance frameworks and robust risk systems. At least, that’s what Brazil’s incoming crypto regulations could inspire.
Brazil’s bill is already approved, but it will now head for a signature from outgoing president Jair Bolsonaro before his term ends on Dec. 31. Luiz Inácio Lula da Silva is expected to take up office on Jan. 1.
Some lawmakers reportedly preferred the bill be approved during Bolsonaro’s term, over fears Silva may not be as enthusiastic about cryptocurrency.
Source: https://blockworks.co/news/brazil-crypto-laws-demand-up-to-6-years-prison-for-embezzlement
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