Brazilian lawmakers are working to tighten rules for cryptocurrency crimes and accept a number of new fines for money laundering in cryptocurrency.

According to an official announcement on September 29, a special committee in the Brazilian House of Representatives has approved a bill that will tighten penalties for financial crimes involving the use of cryptocurrencies such as Bitcoin (BTC).

The latest regulatory changes are part of Bill 2303/15 and increase the fine from one third of the money laundering amount to two thirds. The bill also proposes to increase the minimum sentence from three to four years and increase the maximum prison sentence from 10 to 16 years and eight months in addition to fines.

It is reported that the bill will be the subject of further discussion at a plenary meeting of the council.

Federal Mayor Aureo Ribeiro stressed that the new bill will help the state protect Brazilians from crypto-fraud schemes, noting that more than 300,000 people were affected by “cryptopyramid games” in Rio de Janeiro.

“In the absence of regulation, people have nowhere to turn. The Brazilian market will move and adapt. There will be no more speculators using technology to deceive millions of Brazilians,” Ribeiro said.

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Ribeiro was optimistic about other aspects of the bill that govern broader cryptocurrency transactions such as trading, storage, cash and payments. According to a report from Cointelegraph Brazil, Ribeiro said that bitcoins will be accepted as payment in Brazil once the invoice is accepted.

Recently, there have been some signs of an acceleration in the development and adoption of cryptocurrency in Brazil. In August, the Governor of the Central Bank of Brazil, Roberto Campos Neto, asked the state to accept the cryptocurrency market by reforming internal legislation. In June, the Brazilian stock exchange began trading another Bitcoin ETF after earlier listings of several other crypto ETFs earlier this year.

Source: CoinTelegraph