In a move that can only be described as “brilliantly bureaucratic,” a deputy from President Lula’s political party has decided that only licensed entities should be allowed to mine bitcoin in Brazil. Because, you know, why let anyone have fun without a license? The draft also restricts cryptocurrency trading to licensed traders and introduces a daily tax on these activities. Because taxes are the spice of life, right? 🌶️
Introducing Lula’s Party Bill: The New Rules for Bitcoin Mining and Cryptocurrency Trading
Now, while Brazil already has a law that vaguely touches on digital assets (like a gentle pat on the back), the Workers’ Party has decided to fill in the gaping holes left by the current cryptocurrency law with a proposal that’s as exciting as watching paint dry. The political coalition behind President Luis Inacio Lula Da Silva presented a draft that includes several restrictive elements that would change the crypto landscape in Brazil. Or at least, make it a bit more complicated. 🎢
Bill 2766/2025, introduced by the ever-enthusiastic Deputy Flavio Nogueira, states that any company or individual wishing to engage in the thrilling world of bitcoin or cryptocurrency mining in Brazil must be licensed by a brand-new organization: the Virtual Platforms and Institutional Traders Registration Institution. Yes, that’s a mouthful! 🍽️
If a company is still unregistered 90 days after starting its operations, the bill states that it might face the ultimate punishment: a suspension of its activities. How thrilling! This new license, while consistent with other countries’ regulations (because we all know how much fun regulations are), would introduce a new requirement for crypto miners in the country, who currently operate without similar paperwork. 🎉
But wait, there’s more! The project also innovates by allowing miners to use nuclear energy to conduct their activities. Because nothing says “responsible mining” like harnessing the power of the atom! ⚛️
Additionally, the bill establishes new requirements for cryptocurrency traders. If passed as is, traders will have to complete a series of tests to acquire a License for Authorization to Speculate with Cryptocurrencies for Institutional Traders, issued by the same institution. Sounds like a fun day at the office! 🏢
To receive this license, traders must have a higher education degree in capital markets or prove their knowledge by passing a written exam. And, of course, they must not have a criminal conviction in court or be responding to ongoing criminal proceedings. Because who wants a criminal mastermind trading their crypto? 🤔
In its 15th article, the bill declares that “all profits obtained from trading crypto assets within the same day are subject to income tax.” Surprise! 🎊
Now, this bill must gain majority support in Congress before it can be sent to President Lula for his signature. Fingers crossed! 🤞
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2025-06-12 13:57