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HomeDeFiBrazilian Government Wants to Police Crypto and Train Prosecutors to Deal with...

Brazilian Government Wants to Police Crypto and Train Prosecutors to Deal with Scams


Source: Erich Sacco/Adobe

Brazil’s authorities will look to tighten its policing of the nation’s crypto sector. It has created a “working group” composed of prime attorneys and prosecutors who’ve been tasked with drafting proposals for authorized reform.

In an official announcement, the Public Ministry’s policy-making National Council acknowledged that it will be engaged on the venture in conjunction with the Commission for the Defense of Administrative Probity – Brazil’s anti-corruption bureau.

The ministry acknowledged that the working group would deal with the “regulation of operations involving cryptocurrencies.” The group will likely be charged with producing a complete report on proposed laws and “good [legal] practices” within the crypto sector. The report will likely be submitted in a yr’s time.

The group will comprise the Amazonas-based lawyer Thiago Augusto Bueno, who has beforehand printed work on Bitcoin (BTC)-related issues. Nine different public prosecutors from varied Brazilian provinces may also be part of the group.

What Will the Brazilian Government’s Crypto Working Group Do?

The group has been charged with “developing training and manuals” for “members of the Public Prosecutor’s Office, the Judiciary and the Police Force,” it introduced in a press release.

It may also advise the Brazilian public on “the safe use of cryptoassets.” It may also “provide support” to prosecutors in instances that contain cryptoassets.

The group famous that “crypto scams have become a matter of concern for authorities and regulatory agencies around the world.”

It famous that “no specific [crypto] regulation or legislation” presently exists in Brazil.

The group defined that, per the nation’s markets regulator, the Securities and Exchange Commission (CVM), crypto is “used in 43% of financial scams.”

The CVM researchers defined that almost all Brazilian crypto rip-off victims are male (91%). Over a 3rd of this quantity, the CVM acknowledged, are aged between 30 and 35 years of age.

Earlier this month, the CVM acknowledged that efforts to regulate crypto in Brazil wouldn’t “impede” the “growth” of the sector.

Notably, the Chamber of Deputies of Brazil just lately authorized a legislation to legalize crypto funds, nevertheless, this requires approval of the chief department earlier than it’s enacted.

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