President of Brazil Approves Crypto Rules

Brazil's Senate and Chamber of Deputies passed crypto business laws, which President Jair Bolsonaro endorsed.

After 180 days, crypto firms in the region must comply with the bill, passed into law on Thursday.

The law, which passed Parliament in late November, would allow crypto businesses to register.

These include crypto finance and crypto-to-currency conversion firms.

It creates a "virtual service provider" licence and a federal agency to regulate digital asset enterprises.

Digital securities will be regulated by the Brazilian Securities and Exchange Commission.

The Canadian Securities Administrators banned bitcoin margin trading last week.