According to Bitcoin Magazine, Brazilian lawmakers have approved a comprehensive regulatory framework for the trading and use of cryptocurrencies in the country. The bill acknowledges Bitcoin as a means of payment and investment asset, which is to become law with the President’s signature.
Central Bank of Brazil (BCB) will be in charge when Bitcoin is employed as payment, while the country’s securities and exchange commission (CVM) will supervise it when Bitcoin serves as an investment asset. Both the BCB and the CVM, along with the federal tax authority (RFB), help lawmakers craft the overhaul legislation.
Other provisions of the legislation incorporate the regulation of service providers such as exchanges, which can only conduct business in Brazil in conformity with specific rules.