• The Brazilian government is preparing new powers for prosecutors, courts and police officers to confiscate crypto.
• The Federal Public Ministry (MPF) has created a “guide” for prosecution and law enforcement officials.
• The MPF is also preparing resources to help prosecution officials understand cryptoassets and providing training sessions for MPF and law enforcement agents.
Brazilian Government Grants New Crypto Confiscation Powers
The Brazilian government looks set to grant the nation’s prosecutors, courts, and police officers with new powers to confiscate crypto. According to an official release from the Attorney General, the nation’s Federal Public Ministry (MPF) has prepared a draft guide for prosecutors and law enforcers on how they can use these powers. Representatives from the National Council of Justice, the Federal Police, and the nation’s tax agency have already seen this proposal.
Urgent Need For National Guidelines
The MPF highlighted the “growing relevance” of crypto in legal matters, emphasizing an urgent need to create national guidelines regarding its use in criminal cases. The Deputy Attorney General, Carlos Frederico Santos was quoted as stating that these guidelines will allow for greater efficiency in prosecuting crimes involving cryptoassets.
Special Working Group And Unit For Cryptoassets
In November last year, the public prosecutors’ council created a working group focused on creating regulations around cryptocurrency usage. They are also training police officers and prosecution officials in combating crypto scams and corruption cases. Additionally, an independent Special Unit for Cryptoassets was founded by the MPF which is tasked with investigating crypto crimes as well as studying its impact on legal matters.
Central Bank Launches Task Force To Regulate Tokenization Space
The central bank has also launched a similar task force aimed at exploring ways of regulating tokenization space within Brazil in order to protect investors from fraudulent activities or security risks associated with cryptocurrencies usage or trading platforms operating within Brazil borders.
It is quite clear that Brazil is taking steps towards regulating cryptocurrencies by granting new powers to its prosecutors, courts and police officers while simultaneously investing resources into educating them about this emerging technology so they can better combat any form of illegal activity related to it or take advantage of it when needed during investigations or prosecutions of criminal cases within its jurisdiction