Brazil’s presidential election is set for Oct. 4, and the result could affect the direction of crypto policy in a country described by Bitcoin.com News as ranking first globally in crypto adoption. The race pits incumbent President Luiz Inacio Lula da Silva, referred to in the source as Lula, against Flavio Bolsonaro, the son of a former president. According to the report, a Lula victory would likely bring tighter regulation and stricter compliance requirements for the crypto sector. Brazil’s central bank has already stepped up oversight of exchanges, and a tax on stablecoin transactions, previously put on hold because of the election, could move forward. If Flavio Bolsonaro wins, his position on crypto remains unclear. The report says there is no record of him publicly mentioning cryptocurrencies, though it notes that he previously defended individuals linked to the "Bitcoin Pharaoh" pyramid scheme.
Brazil’s presidential election is scheduled for Oct. 4, and the outcome could influence the country’s crypto policy path, according to Bitcoin.com News. The report said Brazil currently ranks first globally in crypto adoption.
The contest is between incumbent President Lula and Flavio Bolsonaro, the son of a former president.
Lula win could bring tighter rules
If Lula secures another term, regulation and compliance requirements for the crypto sector are expected to tighten, the report said. Brazil’s central bank has already increased its supervision of exchanges.
The report also said a tax on stablecoin transactions could be pushed forward after having been shelved earlier because of the election.
Flavio Bolsonaro’s crypto stance remains unclear
If Flavio Bolsonaro wins, his position on cryptocurrency is still unclear. The report said there is no record showing that he has mentioned crypto.
It added that he had previously defended people linked to the "Bitcoin Pharaoh" pyramid scheme.
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