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The Brazilian Congress has approved legislation to increase crypto regulation.

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After one of the world's largest cryptocurrency exchanges collapsed earlier this month,

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Brazil's lower house of Congress approved a bill late Tuesday aimed at improving oversight of the country's cryptocurrency sector.

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The proposal, which would see the sector regulated by a federal agency appointed by the government

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will now be forwarded to outgoing President Jair Bolsonaro for approval.

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The new regulations would apply to legal entities that exchange virtual currencies for local or foreign currencies

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 exchange virtual assets, conduct transfers, or provide financial services to virtual asset issuers or vendors.

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ording to local media, the bill would require all locally active cryptocurrency providers to have a physical entity in the country, 

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with fines and even prison sentences for those who did not comply.

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