Brazil's president, Luiz Inácio Lula da Silva, a.k.a. Lula, signed legislation today that empowers the nation's central bank to regulate crypto, a move that could catalyze growth for the industry in Latin America's biggest economy.
The government decree Lula signed Wednesday will put in place rules outlined in a December law, which laid out a legal framework and definitions for crypto. The new rules go into effect on June 20 and will allow Brazil's central bank to decide which companies can operate in the market. It also maintains the power to regulate tokens labeled securities with the country's equivalent of the Securities and Exchange Commission, the Comissão de Valores Mobiliários, or CVM.
