October 4, 2021

Brazil to increase penalties for cryptocurrency-related crimes

Brazil to increase penalties for cryptocurrency-related crimes

A special committee of the Brazilian Chamber of Deputies has proposed increasing the fines for money laundering through cryptocurrencies from 1/3 to 2/3 of the amount and the term of imprisonment to 4-16 years and eight months.

The amendments propose to increase liability for offences under the law that regulates cryptocurrency trading and payments using digital assets.

The House of Deputies will consider the document during a plenary session.

One of the authors of the bill, Aureo Ribeiro, intends to fight cryptopyramids. He estimates that more than 300,000 people have been victims of such fraud.

There will be no more speculators using technology to defraud millions of Brazilians, the MP said.

In an interview with Cointelegraph Brazil, Ribeiro expressed confidence that the passage of the bill would pave the way for the legalisation of bitcoin in the country.

Recall that in August, Brazilian police seized $28.7 million in cryptocurrencies in a Kryptos operation linked to an alleged pyramid scheme.

In July, law enforcers dismantled the Bitcoin Banco Group, which caused more than $300 million in damages to 7,000 citizens.

Earlier, former Manchester United Brazilian midfielder Anderson (Anderson Luiz de Abreu Oliveira) was the subject of a case of theft and money laundering through cryptocurrency.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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