Cryptocurrency Commission and tax clarity. However, no use cases exist that we can find in other sectors.
Banco Central do Brasil warning
In November 2017, the Brazilian Federal Reserve Bank (Banco Central do Brasil) issued a warning alerting citizens of the risks arising dealing with cryptocurrencies. As there is no specific domestic regulation on cryptocurrencies, the Central Bank concludes it does not supervise crypto-related operations.
Brazilian Internal Revenue Service
On 7 May 2019, the Brazilian Internal Revenue Service published new tax rules for cryptocurrencies. Cryptocurrency transactions worth over 30,000 reals ($7,600) must be reported on a monthly basis, including details on whether the transactions were carried out on exchanges in Brazil, abroad, or peer-to-peer.
On 30 May 2019, Brazil’s President of the Chamber of Deputies requested the establishment of a Cryptocurrency Commission. The commission will be composed of 34 member and assess upcoming amendments to bill 2303/2015, which aims to regulate bitcoin and other digital currencies in Brazil.