Brazil’s Senate approves a bill that could make the country the next bitcoin mining paradise
Brazil’s Senate has approved a bill that brings the country closer to regulating cryptocurrency exchanges.
The bill drafted by Senator Flávio Arns proposes regulation of crypto assets, as well as regulation between the central bank and the country’s tax agency.
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The Arts Act will exempt cryptocurrencies from the jurisdiction of the Brazilian Securities and Exchange Commission. However, the initial coin offering will be under the control of the regulator.
More specifically, the bill would exempt hardware such as Bitcoin (CRYPTO: BTC) mining from taxes until 2029 if companies are 100% carbon neutral.
In the legislation, fines and 4 to 8 years in prison have been proposed for crimes related to digital assets.
In June 2021, El Salvador became the first country in the world to adopt Bitcoin as legal tender. The Central American country plans to use the energy of the volcano to mine top cryptocurrencies.
At press time, Bitcoin was up 3.2% to $41,366.85 after a 24-hour tracking period, according to Benzinga Pro.