Brazil wants to tighten penalties for crypto-related financial crimes

Brazilian lawmakers are working to introduce stricter rules for crypto-related crimes through a series of new crypto money laundering penalties.

The latest regulatory changes are part of Bill 2303/15, which increases the size of fines from one third of money laundering to two thirds. The bill also provides for increasing the minimum prison sentence from three to four years and the maximum sentence from 10 years to 16 years and eight months, along with fines.

According to the announcement, the draft law will be discussed further by the institute’s general assembly.

Deputy Federal Minister Aureo Ribeiro stressed that the new bill will help the state protect Brazilians from cryptocurrency fraud and noted that more than 300,000 people in Rio de Janeiro are affected by “financial pyramid schemes with cryptocurrencies”.

“Because of the lack of regulation, people have nowhere to take pictures. In Brazil the market will rise and correct. There will be no more profiteers using technology to mislead millions of Brazilians, ”said Ribeiro.