Brazil Introduces Tax on Crypto-related Profits
The Brazilian Federal Tax Service has recently announced that now any transactions with digital assets will be taxed.
According to the announcement, income tax will apply not only to profits from crypto transactions, but also to the exchange of virtual currencies.
The agency has emphasized the measure will affect traders who carry one-type exchanges. For example, when someone buys Bitcoin for Ether or the national currency of Brazil, this transaction will be taxed.
The introduction of income tax on profits from cryptocurrency transactions is the result of lengthy consultations with highly specialized specialists, which has lasted more than a year.
As a result of the study, a special working group has recommended the regulador follow the experience of other countries and introduce a tax on crypto profits.
