In a parliamentary session, Brazil's Parliament enacted the nation's first measure controlling virtual currencies, paving the way to construct a legal structure for the nation's crypto business.
The bill must be passed by the Chamber of Deputies and then authorized by President Jair Bolsonaro to become legislation in Brazil, t. As per specialists who talked with Cointelegraph Brasil, this is predicted to happen before 2022 ends.
The legislation was initially submitted in 2015 by federal deputy Aureo Ribeiro.
The senate then combined senator Ribeiro's bill with Senator Arns' bill PL 3825/2019. Senator Irajá Abreu was the rapporteur and confirmed by the Senate on Tuesday after a long debate.
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During the debate, the Senate affirmed that the nation's executive arm would be in charge of developing crypto-asset regulations, with the option of creating a new regulator or delegating authority to the Securities and Exchange Commission (CVM) or the Central Bank of Brazil (BC).
Throughout the conference, many senators, including the bill's originator, Senator Arns, focused on a debate on suitable sanctions for crypto crimes, particularly fraud.
Senator Arns believes that the severity of the sanctions should be proportional to the amount of fraud, money laundering, and other white-collar crimes perpetrated.
NFT marketplace found guilty of minting stolen artwork
In Hangzhou, China, a court delivered a one-of-a-kind verdict against a nonfungible token (NFT) platform for permitting a participant to produce (or mint) nonfungible tokens of stolen artwork.
According to the South China Morning Post, the court decision was issued after Shenzhen-based organization Qice lodged a report against NFTCN's parent corporation, BigVerse.
According to the complaint, an NFTCN user was accused of stealing a copyrighted artwork by Ma Qianli, a Chinese artist specializing in sketching and printing. One of Ma's cartoons was reportedly stolen by a user of the NFT site.
The court concluded that the NFTCN platform is guilty of failing to verify for forgery or intellectual property (IP) stealing before letting people mint NFTs premised on the evidence presented. Therefore, NFTCN has been charged with facilitating the owner's "right to distribute works through information networks."
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The artwork in question was a cartoon tiger receiving a vaccination shot, auctioned on the NFTCN marketplace for 900 Chinese yuan (about $137) to an unnamed user. BigVerse, on the other hand, was asked to pay Qice a fine of 4,000 yuan (about $611), as well as to cease the dissemination of the stolen artwork NFT by sending it to an "eater address."
