The Brazilian Senate has approved a new tax regulation that will levy a 15% tax on crypto earnings from international exchanges.
These regulations could go into effect on January 1 if President Luiz Inacio Lula da Silva approves them. The bill was passed unanimously by the Chamber of Deputies.
Brazilians will face a 15% tax obligation under the proposed rules if their profits from transactions on foreign crypto exchanges exceed $1,200. The government hopes to raise $4 billion in revenue from these taxes in the coming year.
Despite its approval, the new tax law has been criticized by Senator Rogerio Marinho, who sees it as the result of poor government management.
Nonetheless, Brazil maintains its position as a leading nation in terms of crypto adoption, ranking ninth globally.
Furthermore, the country has made substantial investments in Bitcoin exchange-traded funds (ETFs).
