Brazil's Congress moves to levy higher taxes on cryptocurrencies

Brazil's Congress moves to levy higher taxes on cryptocurrencies



Brazilian lawmakers are making progress with a new law aimed at increasing taxes on cryptocurrencies held overseas. Reports from the local scene indicate that a committee in Congress has given the green light to changes in a bill that designates cryptocurrencies as "financial assets" for taxation purposes when used in foreign investments.



The revised bill also introduces taxation on profits generated from fluctuations in the value of crypto assets against Brazil's national currency, as well as changes in foreign exchange rates. Representative Merlong Solano explains that the goal of these revisions is to create a fairer tax system, as currently, overseas crypto investments benefit from lower tax rates.



Under the updated regulations, earnings from overseas transactions of up to 6,000 Brazilian reais (approximately $1,200) will be


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