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Brazil passed a law on the taxation of crypto assets on foreign exchanges

Regulation: Brazil passed a law on the taxation of crypto assets on foreign exchanges

In Brazil, citizens are now required to pay a tax of up to 15% on profits obtained from cryptocurrency transactions. This new regulation came into effect on January 1st, 2024.

The President of #Brazil, Luiz Inácio Lula da Silva, signed the law introducing the tax on crypto assets. It is estimated that the government will collect around 30 billion reais (4 billion US dollars) next year through these new taxes.

For those who decide to pay their taxes by the end of December, a discount is available. The initiative was presented on November 30th and was approved in the first reading by the Federal Council of Brazil the following day.

Under the new law, taxes will be levied not only on #digital assets but also on dividends received from investment funds, as well as funds invested in foreign real estate or trust funds.

The tax rate will be 15% on income from crypto assets held on foreign cryptocurrency exchanges if the amount exceeds 6,000 reais (approximately 1,200 dollars). However, for those who choose to pay their taxes by the end of December, the rate will be reduced to 8%.

The new tax policy is expected to bring nearly 30 billion reais (4 billion dollars) into the state treasury. Brazilian authorities anticipate that by 2024, this new tax policy will generate significant revenue for the country.

In the context of taxing the crypto industry, it was announced in late October that the Turkish government is also considering the possibility of introducing taxes on profits for companies involved in cryptocurrencies.

On the other hand, in #Japan, a new bill is being discussed to revise the tax code, which could exempt companies from paying taxes on unrealized profits from cryptocurrencies.

Overall, the introduction of the #cryptocurrency tax in Brazil reflects a global trend of governments seeking to regulate and tax the growing crypto industry. It remains to be seen how these tax policies will impact the adoption and use of cryptocurrencies in different countries.

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