Brazilian Lawmakers Propose Higher Taxes on Overseas Cryptocurrency Holdings

Brazil’s lawmakers have changed a bill to tax cryptocurrencies from foreign exchanges like they’re regular money, for taxes. They’re pushing for this law to tax cryptocurrencies held outside the country.

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On August 28th, Brazil’s National Congress will vote about this. If they say yes, the law will start in January 2024. This means Brazilians’ foreign-held cryptocurrencies will be taxed like other things people own, with similar tax rules.

The new law also taxes money made from cryptocurrencies when their value changes compared to regular Brazilian money and other country’s money. A lawmaker, Merlong Solana, talked about making taxes fair. Right now, people who invest in foreign crypto don’t pay as much tax.

The new rules say people will pay different taxes on money from foreign countries. Up to 6,000 Brazilian money (about $1,200) won’t have tax. From 6,000 to 50,000 Brazilian money (around $10,000) will be taxed 15%. More than that will be taxed 22.5%.

Fresh Cryptocurrency Law Aims to Lure Foreign Investment to Brazil

The changes in the law will only affect crypto exchanges that don’t have physical offices in Brazil.

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Big crypto exchanges like Binance, Coinbase, Bitso, and are in Brazil, along with local ones like Mercado Bitcoin and Foxbit.

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Experts say this might make local exchanges better for some people, especially if they’ve made a lot of money from crypto.

This new law could make crypto exchanges in Brazil busier and make foreign companies want to open offices there. People might use Brazilian exchanges more to avoid high taxes on money from other countries.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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