TechFlow reported, according to Cointelegraph, that Brazil's Congress has approved an amendment imposing higher taxes on foreign-held cryptocurrencies by classifying them as "financial assets." Additionally, the draft bill imposes taxes on gains arising from fluctuations in cryptocurrency prices relative to Brazil's fiat currency and from foreign exchange rate volatility.
Under the new rules, overseas income up to 6,000 Brazilian reais (approximately $1,200) will be tax-exempt. Income between 6,000 and 50,000 reais (about $10,000) will be taxed at a rate of 15%; amounts exceeding this threshold will be taxed at 22.5%. Congressman Merlong Solano stated that the revision aims to promote equal tax treatment, as overseas cryptocurrency investments currently benefit from relatively low tax breaks.
