Brazilian House Committee Approves Bill Allowing Crypto Freezes in Cyber Fraud Investigations

Brazil’s Chamber of Deputies Finance and Taxation Committee approved a bill that would allow authorities to freeze cryptocurrency balances of targets under police investigation for online fraud. According to ChainCatcher, the proposal also seeks to amend provisions of the Penal Code to increase penalties for cybercrime. Crimes carried out via social media or phone would face harsher punishment under the bill. It would raise prison sentences for those convicted of cyberattacks to 6 to 10 years, from 4 to 8 years. The measure would also give judges authority to freeze suspects’ assets held at Bitcoin exchanges and in bank accounts. Additional preventive steps cited include freezing physical assets and banning the use of payment systems. The bill will next be reviewed by the Constitution and Justice Committee, with consideration expected to be completed in the coming days.