Brazilian lawmaker proposes ban on betting sites and crypto payments for gambling
- —Bill filed on September 18 targets online casinos and crypto-funded betting
- —Penalties range from 100,000 to 2 billion reais, or up to 20% of annual revenue
- —Financial institutions would be barred from transferring crypto to betting accounts
- —Sports-based betting is exempt; regulators get 180 days to implement rules
Why it matters: Brazil is one of Latin America's largest crypto markets, so a gambling ban would hit crypto payment use cases in the sector.
Source: Livecoins
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