Brazilian Cryptocurrency Bill Turns up Following General Election

• The bill will be addressed on November 22.
• Brazil is one of the countries that has been most negatively impacted by the FTX crisis.

The Brazilian cryptocurrency bill, which intends to govern the conduct of cryptocurrency exchanges and custody agents as well as define explicit cryptocurrency mining standards, will be on the agenda of the Chamber of Deputies next week. The bill, which was shelved before the general election on October 20, will be addressed on November 22. 

The bill is the fourth item on the list of items to be debated in that session, thus if the chamber determines that it is important, it may be discussed and put to a vote. Nevertheless, deputies have the authority to alter the daily schedule and postpone the bill discussion. 

The circumstances surrounding the suspension of withdrawals and the ensuing bankruptcy of FTX, one of the largest cryptocurrency exchanges, prompted various figures in the Brazilian cryptocurrency business to discuss the significance of the bill’s passage. According to certain sources, Brazil would be the tenth most affected country that has been more affected by FTX’s debacle, with Brazilians already arranging legal action in multiple jurisdictions.