Brazillians to Start Paying 15% Tax on Crypto Earnings
Brazil approves a new 15% tax on crypto earnings from foreign exchanges, aiming for $4 billion revenue, amid criticism and high crypto adoption.
A New Crypto tax rule for cryptocurrency earnings madefrom international exchanges has been approved by Brazil's Senate, as reported by Yahoo Finance. If President Luiz Inacio Lula da Silva agrees, these rules could be active from Jan. 1. The bill has already passed the Chamber of Deputies.
Brazilians will be required to pay a 15% tax if they make profits worth over $1,200 from foreign crypto exchanges. The government aims to collect $4 billion from these taxes next year.
Senator Rogerio Marinho, a Brazilian senator, criticized the new tax law, claiming it is just a result of the government's poor management. Regardless of this, Brazil remains a top country in terms of crypto adoption, ranking ninth in global crypto adoption. The country also has substantial investments in Bitcoin ETFs
