Brazilian Government Wants to Police Crypto and Train Prosecutors to Deal with Scams

Brazil Regulation
Last updated:
Author
Tim Alper
Author Categories
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Source: Erich Sacco/Adobe

Brazil’s government will look to tighten its policing of the nation’s crypto sector. It has created a “working group” composed of top lawyers and prosecutors who have been tasked with drafting proposals for legal reform.

In an official announcement, the Public Ministry’s policy-making National Council stated that it would be working on the project in conjunction with the Commission for the Defense of Administrative Probity – Brazil’s anti-corruption bureau.

The ministry stated that the working group would focus on the “regulation of operations involving cryptocurrencies.” The group will be charged with producing a comprehensive report on proposed legislation and “good [legal] practices” in the crypto sector. The report will be submitted in a year’s time.

The group will comprise the Amazonas-based lawyer Thiago Augusto Bueno, who has previously published work on Bitcoin (BTC)-related matters. Nine other public prosecutors from various Brazilian provinces will also join the group.

What Will the Brazilian Government’s Crypto Working Group Do?

The group has been charged with “developing training and manuals” for “members of the Public Prosecutor’s Office, the Judiciary and the Police Force,” it announced in a statement.

It will also advise the Brazilian public on “the safe use of cryptoassets.” It will also “provide support” to prosecutors in cases that involve cryptoassets.

The group noted that “crypto scams have become a matter of concern for authorities and regulatory agencies around the world.”

It noted that “no specific [crypto] regulation or legislation” currently exists in Brazil.

The group explained that, per the country’s markets regulator, the Securities and Exchange Commission (CVM), crypto is “used in 43% of financial scams.”

The CVM researchers explained that most Brazilian crypto scam victims are male (91%). Over a third of this number, the CVM stated, are aged between 30 and 35 years of age.

Earlier this month, the CVM stated that efforts to regulate crypto in Brazil would not “impede” the “growth” of the sector.

Notably, the Chamber of Deputies of Brazil recently approved a law to legalize crypto payments, however, this requires approval of the executive branch before it is enacted.

More Articles

Bitcoin News
North Carolina and Florida Push for Bitcoin Reserves
Hassan Shittu
Hassan Shittu
2025-02-10 23:39:40
Blockchain News
South Korean Coin Gate Lawmaker Kim Nam-guk Cleared of Wrongdoing
Tim Alper
Tim Alper
2025-02-10 23:30:00
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors