The President of the Chamber of Deputies of Brazil has ordered to determine a commission to consider cryptocurrency regulation within the country, Top Market Group reported on May 31.

The Chamber of Deputies of Brazil is a federal legislative body and also the lower house of the National Congress of Brazil, and consists of representatives of the states electoral every four years. The Chamber discusses and approves proposals for economic and social areas like education, health, transport, and housing.

On May 30, the President of the Chamber of Deputies, Deputy Rodrigo Maja has requested the creation of a special commission to deliver an opinion on bill 2303/2015, that aims to manage bitcoin (BTC) and different digital currencies in Brazil.

The commission is going to be composed of 34 members in accordance with the House Rules of Procedure. The notice conjointly states that Federal Deputy Aureo Ribeiro given 2 projects in relevancy cryptocurrency regulation.

Earlier in the week, the president of the Brazilian Association of Crypto and Blockchain (ABCB), Fernando Furlan, had a gathering with different representatives of the business and authorities of the Attorney General's workplace, the central bank of Brazil, the Internal Revenue Service, and also the monetary Activities management Council.

The meeting was dedicated to the recognition of the crypto and blockchain sector in Brazil and also the application of the principles of the monetary Action Task Force on cryptocurrencies. the principles are going to be formally given at the G20 finance ministers meeting in June in Japan, whereas firms can have till 2021 to adapt to the principles.

Also this month, the Brazilian internal revenue Service printed brand new tax rules for cryptocurrencies. Per the new rules, cryptocurrency transactions within the quantity over 30,000 reals ($7,600) should be reportable on a monthly basis, as well as details on whether or not the transactions were administrated on exchanges in Brazil, abroad, or peer-to-peer.

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