Brazil is considering taxing cross-border cryptocurrency payments
2025-11-18 10:55:35
According to Reuters, Brazil is considering taxing the use of cryptocurrencies for Global Payments in order to fill a loophole in the country's taxation of regular foreign exchange transactions. The Brazilian Ministry of Finance is considering expanding the scope of its Financial Transaction Tax (IOF) to include some cross-border transfers using virtual assets and stablecoins that were classified as foreign exchange operations by the central bank this month, sources said. Currently, cryptocurrency transactions are not subject to Financial Transaction Tax (IOF). Investors are required to pay income tax on cryptoasset capital gains in excess of the monthly exemption limit.
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