Brazil is all set to initiate a Cryptocurrency regulatory committee as per the order of the President of the Chamber of Deputies. The regulatory body will comprise of 34 members as per House Rules of Procedure. The Federal Deputy Aureo Ribiero has put up two projects relating to the regulation of crypto. Recently a new tax rule for cryptocurrencies was introduced by Brazilian Internal Revenue Service as well. It says crypto transactions over 30,000 reals ($7,600 approx.) must be reported every month.

Recently, the president of the Brazilian Association of Crypto and Blockchain, had a meeting with various representatives of the Attorney General’s Office, the Central Bank of Brazil, the Internal Revenue Service, etc. The meeting focused on the condition of the blockchain sector and cryptocurrency in Brazil. Also, there was a discussion on the crypto regulations of the Financial Action Task Force. There will be a discussion on these rules at the G20 finance ministers meeting in June. The firms will have a relaxation period until 2021 to adapt to the new rules.

This is definitely a good initiative from the government. It will help curb the scams happening in the name of crypto. Recently in Brazil, some scammers duped people of $200 million in the name of cryptocurrency.