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      Brazil's presidential election may shape crypto policy direction; incumbent's re-election would strengthen regulation and compliance requirements

      PANews reported on October 4, citing Bitcoin.com News, that Brazil's presidential election will be held on October 4, and the outcome may influence the crypto policy direction of the country (which ranks first globally in crypto adoption). Incumbent President Lula faces off against Flavio Bolsonaro, son of the former president. If incumbent President Lula is re-elected, stronger regulation and compliance requirements are expected, with the central bank already strengthening oversight of exchanges; he may also push to tax stablecoin transactions (previously shelved due to the election). If Flavio Bolsonaro, son of the former president, wins, his crypto stance is unclear, with no record of him ever mentioning cryptocurrency. However, he has previously defended individuals linked to the "Bitcoin Pharaoh" pyramid scheme.


      Source: PANews
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