Brazil's Lower House Won't Consider Cryptocurrency Bill Until Presidential Election

According to a report from CoinDesk published on Thursday, the Brazilian Chamber of Deputies has decided to delay the vote on the cryptocurrency bill. The bill first received approval from the Committee on Economic Affairs (CAE) in February. The bill also received approval in the Senate in April.

Congressman Expedito Netto, who is responsible for introducing the bill in the lower house, removed two articles from the original bill. The first removed article required exchanges to keep their assets separate from clients' assets, while the second one required exchanges to already have an EIN in Brazil in order to apply for a license.

ABCripto, an association that collects information from exchanges, asked the Chamber of Deputies to keep the two original articles. Foreign companies such as Binance and Bitso welcomed Netto's proposed changes. It remains unclear what changes might come if there is a change of president in Brazil.

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