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Reuters: Brazil is considering taxing cross-border payments for Crypto Assets.
According to Mars Finance, Brazil is considering taxing the use of Crypto Assets for international payments to fill the gaps in the country's taxation on regular forex transactions, as reported by Reuters. Sources indicate that the Brazilian Ministry of Finance is considering expanding the scope of its Financial Transactions Tax (IOF) to include certain cross-border transfers using virtual assets and stablecoins that were classified as forex operations by the Central Bank this month. Currently, transactions involving Crypto Assets are not subject to the Financial Transactions Tax (IOF). Investors are required to pay income tax on capital gains from Crypto Assets that exceed the monthly tax-free threshold.