2 Cryptocurrency Bill Attacks: One Approved!

2 Cryptocurrency Bill Attacks: One Approved!

2 cryptocurrency bill attacks: One approved! Brazilian President Jair Bolsona signed the cryptocurrency bill. Bank of Ghana will begin developing a framework for the regulation of digital assets containing cryptocurrencies. Keep reading us for the details of the news.

Brazilian State Leader signs cryptocurrency law

Brazilian President Jair Bolsonaro approved the bill on cryptocurrencies on Thursday. The bill was recently passed by the House of Representatives and the Senate. The new law provides for criminal penalties for a fraudulent charge involving virtual assets. In this context, the article includes four to six years of imprisonment and a fine. It also issues a license for digital asset companies, including exchanges and brokerage firms. Accordingly, it creates a ‘virtual service provider’ license.

According to the new regulations, digital assets considered as securities will be under the control of the Brazilian Securities and Exchange Committee (CVM). Those who do not fall into this category will now be overseen by another body that has not been created. Following Thursday’s approval, companies will have 180 days to comply with the new rules.


Bank of Ghana plans framework for crypto regulations

Bank of Ghana will begin developing a framework for the regulation of digital assets containing cryptocurrencies. The announcement was made by the Bank’s current leader, Dr. Ernest Addison did. The Ghanaian government’s decision shows that Ghanaians took it in response to the popularity and use of digital assets. The first African Bitcoin Conference was held in Ghana last month. The conference attracted the attention of many global cryptocurrency figures such as Jack Dorsey and Jack Mallers.

The president explained that the bank started with a study on ‘cryptocurrency and related technologies and models such as Blockchain, decentralized finance (DeFi) and stablecoins‘. He also said that they pay attention to global practices, regulatory frameworks and standards related to digital assets from institutions such as the Financial Action Taskforce, Financial Stability Board and Basel Committee on Banking Supervision.

2 Cryptocurrency Bill Attacks: One Approved!

“No need to ban cryptocurrencies”

Africa has become a valuable segment of the global crypto ecosystem. A report from Chainalysis shows that by mid-2021, crypto processes have reached $20 billion across the continent. Nigeria, Morocco and Kenya are in the middle of the top twenty countries in the Global Crypto Adoption Index published by Chainalysis.

Speaking about Ghana and crypto, Ray Youssef, CEO of Paxful, which serves the African market with crypto services, said that between 2020 and 2022, the transaction volume of Ghanaians on the Paxful platform increased by 400%. It shows the huge crypto potential in the country. During the announcement, the leader noted that despite the volatility and risk associated with cryptocurrencies, it is not possible to outright ban the use of cryptocurrencies due to their decentralized and unlimited nature. He underlined the need for regulations because of this.

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