Brazil Will Implement a 15% Tax on Certain Crypto Earnings

The Brazilian Senate has recently passed new tax regulations that could result in citizens being taxed up to 15% on profits made from cryptocurrencies held on exchanges outside of the country.

If approved by President Luiz Inacio Lula da Silva, the regulations will go into effect on January 1.

The bill has already been approved by the Chamber of Deputies. The new tax will apply to Brazilians who earn over $1,200 from foreign exchanges and single shareholder investment funds, with the government aiming to collect $4 billion in revenue from these taxes.

Senator Rogerio Marinho criticized the law, claiming that it was implemented due to the government’s mismanagement.