The legislation places crypto assets held by Brazilians overseas under the same tax rules applied to traditional assets.
Brazilian lawmakers are moving forward with a legislation that would raise taxes on cryptocurrencies held overseas.to local reports, a congressional committee has approved amendments to a bill that recognizes cryptocurrencies as"financial assets" for tax purposes in foreign investments.
The legislation places crypto assets held by Brazilians overseas under the same tax rules as traditional assets. According to the legislation, changes will only apply to cryptocurrency exchanges without offices in Brazil. The new rules could make local exchanges a less costly option for some investors, in particular those with gains above the top tax bracket, legal experts said. Also, the law could boost crypto exchange activity on the national level and attract foreign players to establish offices in the country.
Brazil's Congress will vote on the bill on Aug. 28. If approved, the new taxation will take effect in January 2024.
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