$BTC Brazil has just announced new cryptocurrency tax regulations that have caught the attention of many. Brazil has imposed a 17.5% tax on all cryptocurrency gains, replacing the previous exemption for small traders. Large investors with annual gains exceeding US$18 million will see a reduction in the tax rate. Previously, investors were exempt from tax up to the gains. This model directly encourages local elites to dominate the country's cryptocurrency trading and places ordinary investors at a disadvantage.