Brazilian Congress Postpones A Vote On A Cryptocurrency Bill Until After The Presidential Elections.

The Brazilian Chamber of Deputies rescheduled voting on a cryptocurrency bill until after the October presidential elections.

The Brazil crypto bill was supposed to be debated before the congressional recess, which begins next week, but the treatment of a budget guidelines law and a proposed constitutional reform for the medical sector have influenced the legislative agenda.

The bill, which governs crypto transactions and creates the label “virtual service providers” for crypto companies, was approved by the Senate in April.

The Chamber of Deputies, for its part, has yet to agree on a final text because Congressman Expedito Netto (PSD-RO), who is in charge of presenting the bill in the lower house, removed two articles from the Senate’s original bill.

The first removed article obligated exchanges to keep their assets separate from those of their customers, and the second required exchanges to have an EIN in Brazil before applying for a license.

ABCripto, the association that represents local exchanges, asked the Chamber of Deputies to keep the two original articles; in the meantime, foreign companies like Binance and Bitso welcomed Netto’s proposed changes.

According to the latest polls, former President Lula da Silva will be the frontrunner in the first round of Brazil’s presidential elections on Oct. 2. On October 30, there would be a run-off election.

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