Brazil’s Special Committee of the Chamber of Deputies has approved a bill to crack down on cryptocurrency crimes, with focus specifically on individuals or groups who use cryptocurrency to launder money in Brazil.

In an announcement, the committee explained that Bill 2303/15 increases the size of fines from one-third of the amount of laundered money to two-thirds.

Additionally, the bill proposes to raise minimum prison terms from three to four years, and increase maximum prison from 10 years to 16 years and 8 months. 

The author of PL 2303/15, Deputy Aureo Ribeiro (Solidariedade-RJ), celebrated the approval. “In my state, more than 300,000 people were harmed by a financial pyramid made with cryptocurrency,” he calculated. 

Ribeiro stated that the bill gurantees that Brazil becomes a granary for investors and not let those who commit crimes go unpunished: “With the lack of regulation, people have nowhere to turn. The market will advance and adjust in Brazil. There will no longer be profiteers using technology to deceive millions of Brazilians,” Ribeiro stated.

According to the announcement, the bill is subject to further discussions by the Chamber’s Plenary.

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