Brazilian Congress delays crypto bill vote until after October elections

Deputies were supposed to vote on the text this week, which had previously been approved by the Senate.

The Brazilian Chamber of Deputies postponed voting on a cryptocurrency measure until after the October presidential elections.

The crypto measure was supposed to be debated before the congressional break, which begins next week, but the handling of a budget guidelines law and a planned constitutional change for the medical sector have dominated the parliamentary agenda.

The measure, which regulates crypto transactions and provides the moniker "virtual service providers" for crypto corporations, was adopted by the Senate in April.

The Chamber of Deputies, for its part, has yet to agree on a final text since Congressman Expedito Netto (PSD-RO), who is in charge of presenting the measure in the lower house, withdrew two provisions from the Senate's original draught. The first eliminated provision required exchanges to keep their assets distinct from those of their customers, while the second required exchanges to obtain an EIN in Brazil before applying for a licence.

ABCripto, the organisation that represents local exchanges, recommended the Chamber of Deputies to keep the two original provisions; in the meantime, overseas businesses like Binance and Bitso applauded Netto's suggested amendments.

According to the latest polls, former President Lula da Silva will be the frontrunner in the first round of Brazil's presidential elections on Oct. 2. On October 30, there would be a run-off election.