Brazilian President Signs Off on National Crypto Rules

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Today’s Cryptocurrency Headline

Brazil President Jair Bolsonaro on Thursday approved a crypto regulation bill recently passed by that country’s Chamber of Deputies and the Senate. The new law establishes a crime of fraud involving virtual assets, with a penalty of between four and six years in jail plus a fine. It also creates a “virtual service provider” license, which is to be requested by digital asset companies, including exchanges and trading intermediaries.

Digital assets that are considered securities will be regulated by the Brazilian Securities and Exchange Commission (CVM), while assets that do not fall into this category will be regulated by another yet-to-be-established agency. Companies will have 180 days to adapt to the new rules.

BingX’s Bitcoin Chart

Source: TradingView & BingX

Bitcoin price is almost flat over the last 24 hours. The largest cryptocurrency has been trading below the 20-day exponential moving average ($16,985) since Dec. 16, which has become a crucial resistance level. A breakout from here will potentially initiate an uptrend in the short term. The flattish 20-day EMA and the relative strength index (RSI) near 46 do not give a clear advantage either to the bulls or the bears. The BTC/USDT pair is likely to stay in the $16,000-$17,000 price zone until the holiday season is over.

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