• The Brazilian government is set to grant new powers to prosecutors, courts and police officers to confiscate cryptocurrency.
• The Federal Public Ministry (MPF) has prepared a draft guide for law enforcers regarding the use of cryptoassets.
• Representatives from the National Council of Justice, the Federal Police and the tax agency have seen the proposal.
Brazil Set To Grant New Crypto Confiscation Powers
The Brazilian government looks set to grant its prosecutors, courts, and police officers new powers to confiscate cryptoassets. The Federal Public Ministry (MPF) has proposed a draft “guide” for law enforcers with regards to the use of cryptoassets. Representatives from the National Council of Justice, the Federal Police and tax agency have seen the proposal.
MPF Calls For Feedback On Crypto Guidelines
The MPF stated that there is an “urgent need” for creating national guidelines on cryptocurrencies and called for feedback from law enforcement officials, tax officers, and prosecutors on their draft guide. If approved by the Criminal Chamber which oversees prosecution services in Brazil, these guidelines could be immediately adopted by prosecution teams investigating crypto-related cases. Additionally, a compendium of resources will be provided by MPF officials to help strengthen prosecutor’s understanding of cryptocurrencies as well as training sessions dedicated to this topic.
Crypto Regulations Working Group
In November 2020, public prosecutors created a working group focused on formulating regulations around cryptocurrencies. This team has been tasked with training police officers and prosecutors in order to fight scams related to cryptos as well as corruption enabled by digital assets. The MPF also established a Special Unit for Cryptoassets last year which investigates crimes involving cryptos as well as studies technology related to them and determining its impact legally. Central Bank in Brazil has also launched a task force exploring tokenization regulation possibilities recently too.
Aim To Keep Cryptocurrency Usage In Check
The efforts taken by Brazilian authorities are aimed at keeping usage of cryptocurrency in check while not stifling innovation or usage in legitimate applications such as payments or investments/trading etc., but instead focusing on eliminating illicit activities like money laundering or frauds using digital assets among other things..
To conclude we can see that Brazilian authorities are taking considerable steps towards regulating cryptocurrencies within its jurisdiction; whether it be creating guidelines for law enforcement agencies or setting up task forces tounderstand tokenization better – all these initiatives hint towards more clarity coming soon when it comes to cryptocurrency regulation in Brazil .