Brazil: Signed Law recognising cryptocurrency as a means of payment

On 21 December 2022, Brazilian President Jair Bolsonaro endorsed the text for Law 14.478/22, which provides a regulatory framework for the cryptocurrency market and outlines penalities in the case of virtual assets fraud or money laundering. According to the new law, virtual asset service providers will need to seek prior authorisation for operation from a federal public administration. The Law, which recognises cryptocurrency as valid payment, was passed in Congress on 29 November 2022 and will come into effect 180 days after endorsement by the President, on 19 June 2023.