Brazil: Implemented Law recognising cryptocurrency as a means of payment

On 19 June 2023, Brazil's 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, was implemented 180 days after it was endorsed by the President. According to the new law, virtual asset service providers will need to seek prior authorisation for operation from a federal public administration. Furthet, the Law recognises cryptocurrency as valid payment.