The Brazilian Senate passed a bill regulating cryptocurrency transactions on Tuesday night.

Senator Flávio Arns presented the bill, which now goes to the Brazilian Chamber of Deputies for a vote. The executive branch then has the power to veto it if it is adopted.

For crypto firms, the legislation defines the title “virtual service providers,” which will be held to the same standards as other financial institutions when it comes to crimes against the Brazilian financial system.

The measure, if passed, will restrict the Brazilian Securities and Exchange Commission from supervising the crypto market, with the exception of initial coin offerings (ICOs) (ICO). On the other hand, it establishes that the Brazilian executive branch will choose a body to oversee the crypto sector.

Arns’ bill was accepted by the Brazilian Senate’s economic affairs committee in February, putting two additional crypto initiatives introduced by senators Styvenson Valentim and Soraya Thronicke on hold.

The bill also introduces a new offense involving virtual assets that carries a sentence of two to six years in prison.

Scenario Overview

The worldwide crypto market capitalization was $1.76 trillion, up 4.12% in the last 24 hours, while the overall crypto market volume was $80.65 billion, down 27.61 percent.

The greatest gainer was Australian Crypto Coin Green (ACCG), which increased by 720.76 percent. It was worth $0.09087 at the time.

According to Coinmarketcap data, at 4:30 p.m. Spook Inu (SINU), on the other hand, saw the most loss, plummeting 100.00% to $0.0000000004252, according to CoinMarketCap statistics.

Bitcoin (BTC) was up 3.18 percent in the last 24 hours on the cryptocurrency market, and it was trading at $38,871.63 at 4:30 p.m. IST. According to Coinmarketcap.com, its market share in the crypto market is now 41.85%, down 0.29 percent in the last 24 hours.

Ethereum (ETH) was trading at $2,714.85, up 4.52 percent in the last 24 hours, while Binance Coin (BNB) was trading at $380.61, up 3.96 percent in the same time frame. Cardano (ADA) was up 7.56 percent to $0.9311, and Solana (SOL) was up 7.10 percent to $91.14.