Deputy Expedito Netto (PSD-RO). Photo: Luis Macedo/Chamber of Deputies
Deputy Expedito Netto (PSD-RO), rapporteur for the project that regulates the crypto-assets market in Brazil, said that he intends to withdraw from the text the permission for public entities to operate in the virtual assets market, acquiring, trading and using these assets as a means of payment and investment.
The text is expected to go to vote next week.
The proposal authorizing the government’s entry into the sector was included in a senate amendment, authored by Carlos Portinho (PL-RJ).
The justification of the parliamentarian – now the government’s leader in the House – was that “the high added value of crypto assets to tangible and intangible assets, in the collective and individual economy, cannot be ruled out at a time of global crisis in national and international markets.”
The amendment was incorporated into the text by the Senate’s rapporteur, Irajá Abreu (PSD-TO), but must now be overturned in the Chamber.
Expedito gave two distinct reasons for rejecting the proposal: the first is that the passage has no relation to the project proposal. The second is that the text to be sanctioned is just an initial guideline, with the Central Bank and Coaf, the federal government’s financial intelligence agency, responsible for future regulation.
The requirement for cryptocurrency brokers to be registered directly with Coaf should also be overturned in the Chamber. “With the guidance we received from Coaf, they currently have no way to start registering people for so-called exchanges overnight”, said the deputy.
Expedito said that he will still try to meet with representatives of Coaf on Monday (13), before presenting his report.