The Brazilian president approves a new cryptocurrency regulation bill

ChainCatcher news, according to CoinDesk, Brazilian President Bolsonaro approved a recently passed cryptocurrency regulation bill by the country's Chamber of Deputies and Senate on Thursday local time.

Under the new law, virtual asset fraudsters will face 4 to 6 years of imprisonment along with fines. Digital assets considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM), while assets not falling into this category will be overseen by another agency that has yet to be established. Companies will have 180 days to adapt to the new regulations. (Source link)