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Lula's government in Brazil wants to tax all Brazilian cryptocurrency investors, understand how this could be disastrous for the crypto world.
Currently, Brazil has about 90 million Brazilians investing in crypto, mostly small traders with up to $1000. So far, profits of up to R$$ 35000 are not taxed; however, the government is looking for ways to cover the gap of its own reckless spending, one of which is placing the burden on crypto investors.
According to the proposal, there will be a tax of 17.5% on any profit, including in self-custody.
This measure is expected to significantly deter Brazil from investing in cryptos. The government's proposal still needs to pass through the national congress within up to 120 days, but all indications are that it will be approved.
Currently, Brazil has about 90 million Brazilians investing in crypto, mostly small traders with up to $1000. So far, profits of up to R$$ 35000 are not taxed; however, the government is looking for ways to cover the gap of its own reckless spending, one of which is placing the burden on crypto investors.
According to the proposal, there will be a tax of 17.5% on any profit, including in self-custody.
This measure is expected to significantly deter Brazil from investing in cryptos. The government's proposal still needs to pass through the national congress within up to 120 days, but all indications are that it will be approved.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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