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Brazil's Senate has passed the country's first bill governing cryptocurrencies in a plenary session, which would create a platform for creating a regulatory framework for the country's crypto industry.

The bill must be approved by the Chamber of Deputies and then signed by President Zaire Bolsonaro to become law in the country. According to experts who spoke to Cointelegraph Brasil, this is expected to happen by the end of 2022.

The session approving the project was chaired by Senate President Rodrigo Pacheco.