The Brazilian government is set to issue a decree that modifies some of the rules established in the Bitcoin Law approved in November 2022 by former president Jair Bolsonaro. This move comes in line with recent developments taken by President Lula da Silva in recent weeks.
Lula’s team is now working on new proposals to regulate the cryptocurrency sector and clarify existing crypto laws. According to local reports, the government has formed an extensive group to oversee the regulation, including the executive secretary of the Ministry of Finance, Gabriel Galípolo, and the secretary of economic reforms, Marcos Pinto.
In addition, the regulation has the technical support of the Central Bank (BC) and the Brazilian Securities and Exchange Commission (CVM). The initial expectation was that the decree would be sent at the beginning of February to the Presidency of the Republic known as Casa Civil, but this was postponed.
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