Brazilian In The ForeFront In Crypto Adoption And Regulation

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Crypto regulation has beginning to take shape in the world as we know it, has Brazilian government has made steps in which crypto related business and firms in the country should follow.
The Brazilian parliament whom has passed a bill as regards this is seeking to give crypto a regulatory frame work in the country.

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In a media report it’s said that “the bill would force all locally active crypto providers to have a physical entity in the country, with fines and even prison sentences for those breaching the new rules”

The bill was said to be initiated after the collapse of FTX which we saw couple of weeks ago, which investors lost their investment and the market prices took a nose dive as we saw the crypto sector witnessed another all time low twice the same year.

Well it’s a good one for the country and we might likely start witnessing institutional funds following into the crypto space soon enough.

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7 comments
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It is time for more countries to embrace the beauty of the cryptos and the blockchain technology as a whole..

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This FTX collapse will lead to regulation in more countries. In a way, it is good but how they are regulating and what is the terms and condition is matter a lot.

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Thanks for this interesting information. I believe that other nations will follow the steps that Brazil is taking

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This is interesting, but I am not sure what an "active crypto provider" is?
Is HIVE a crypto provider?
I thing these regulators have their hands full and will have a very difficult time enforcing these rules equally. The CEX's will be easy but the decentralized entities will look like a game of whack-a-mole, IMHO.

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