In the last few years, cases of scams related to cryptocurrency have increased. Stringent regulations are being made in many countries to deal with them. Brazil has created a separate unit for the rapid investigation of crimes related to crypto.
This unit will also work to raise awareness about the crypto segment. The virtual digital assets (VDA) industry is growing in Brazil.
This unit will consist of officials of the Public Ministry, Judiciary and Police Department. Its coordinator Frederico Meinberg said in an interview, "It is necessary to know the market for an agent dealing with digital assets. That is why we are insisting on interaction of agents with exchanges and firms of this segment. . " Last year, the Brazilian police conducted several raids to prevent money laundering through cryptocurrency. Meinberg said that investigating cries related to crypto is more complicated than other crimes.
Transactions in the Crypto segment are difficult to track and there is no complete control of laws and regulations in any country on this segment. The Brazilian government is considering ways to secure crypto investors from financial threats.
The officers involved in the new unit will be trained in blockchain technology so that they will be able to deal with any damage situation and reduce the risk associated with it. In Brazil, about one crore people were estimated to have a cryptocurrency last year.
A new regulatory institution can be formed to monitor the Crypto segment in Brazil. This responsibility can also be given to Securities and Exchange Commission or Central Bank.
Rio De Janeiro, the most populous city of Brazil, is moving toward becoming the hub of Crypto. It will become the first city in Brazil to charge property tax in Crypto next year. City Hall of Rio De Janeiro has reported that firms will be hired to convert cryptocurrency to Brazilian currency.
Rio de janeiro also plans to develop non-funny tokens (NFT) collections which will have images of popular tourist destinations of the city.
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