Brazilian Congress to Consider Bill Regulating Crypto Exchanges

Brazilian Congress to Consider Bill Regulating Crypto Exchanges
Brazil’s Congress will discuss a bill that regulates companies operating in the cryptocurrency sector and increases penalties for crypto pyramid schemes and other illegal activities.A special commission of the Brazilian House of Representatives already approved the bill presented on Sept. 29. If approved by the plenary, the legislation, which was introduced by deputy Aureo Ribeiro, would force “virtual asset service providers to follow rules of communication of financial transactions, with identification of customers and record keeping,” according to a Portuguese-language text published on the Brazil Congressional website.The bill also would also increase the penalty for money laundering crimes using virtual…