Brazilians may soon face a new tax on income derived from cryptocurrencies held on exchanges outside the country. The Brazil Senate has approved new income tax rules that would require individuals to pay up to 15% tax on earnings over $1,200 made on foreign exchanges. The bill, which has already passed in the Chamber of Deputies, is expected to be approved by President Luiz Inácio Lula da Silva. The government hopes to raise $4 billion in 2024 through this tax. The bill also affects “exclusive funds” and foreign companies active in the Brazilian financial market. This move comes as the Banco Central do Brazil plans to tighten regulations on cryptocurrency due to concerns of tax evasion. The Brazilian central bank has been given jurisdiction over virtual asset service providers.

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Information	Details
Geography	South America
Countries	🇧🇷
Sentiment	negative
Relevance Score	1
People	Rogério Marinho, Luiz Inácio Lula da Silva
Companies	Banco Central do Brazil, Comissão de Valores Mobiliários
Currencies	Brazilian Real
Securities	None