Following the collapse of FTX, one of the world's largest cryptocurrency exchanges, earlier this month, Brazil's lower house of Congress approved a bill aimed at increasing oversight of the country's cryptocurrency sector. It will now be up to outgoing President Jaro Bolsonaro to approve the new rules. Legal entities that exchange virtual currencies for local or foreign currencies The bill will force all locally active crypto providers to pay fines and even jail time for those who violate the new rules. Billboard, which has a physical presence in the country, has also given companies a grace period to comply, and the move follows this month's Obama-based shutdown of crypto exchange FTX, which triggered investigations by various authorities in Brazil. K's crypto advocates support the bill, saying it's import. The country is one of the 10 most active markets globally for crypto-foreigners to set the rules in the industry.