The Brazilian Senate has passed legislation
proposing an income tax on crypto gains from offshore exchanges, awaiting
final approval from the country’s president. This proposal is slated for
potential enactment on January 1.
The bill aims to introduce a levy of 15% on all earnings garnered from cryptocurrencies held on
offshore exchanges, Cointelegraph reported. If authorized, this tax legislation would impact Brazilians who
earn more than $1,200 from foreign exchanges and investment funds with a single
shareholder.
The anticipated revenue from this tax reform is
substantial, with the government targeting $4 billion for the forthcoming year.
Despite its potential financial implications, the legislation has met
criticism. Brazilian Senator Rogerio Marinho voiced dissent, attributing the
introduction of this tax to poor management by the government.
Brazil‘s crypto market has witnessed rapid growth,
ranking ninth globally in terms of crypto adoption. The country has seen a
surge in assets under management for spot Bitcoin exchange-traded funds, with
approximately $100 million in holdings.
Brazil’s rising interest in digital assets has
attracted global attention, leading various international crypto exchanges to
establish a presence in the country. Apart from Mercado Bitcoin, other players
holding Brazilian payment licenses include Crypto.com and Bitso.
In August, Binance…
