The Brazilian Senate’s economic affairs committee Tuesday (Feb. 22) approved a bill legitimizing crypto transactions, CoinDesk reported.
The bill was introduced by Sen. Flávio Arns and still has to be approved by the full Senate and the lower house. If approved, it will designate crypto companies as “virtual service providers” and keeps the Brazilian Securities and Exchange Commission from supervising crypto, save for initial coin offerings.
It will also let the Brazilian executive branch choose a crypto supervisor.
The bill, if approved, puts the executive branch in charge of authorizing crypto companies to operate, and they’ll have to report suspected money laundering.