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<ul> 
 <li>Brazil approves 15% tax as Senate endorses tax on foreign-held crypto, effective 2024.</li> 
 <li>Earnings over $1,<a href="https://cryptonewsland.com/bitcoin-accumulation-surges-at-30200/">200</a> taxed at 15%, prior funds at 8%.</li> 
 <li>Brazil tightens crypto regulations amid surging digital asset popularity.</li> 
</ul> 
<p>Brazil’s Senate greenlights new income tax rules, enforcing a 15% tax on crypto earnings from foreign exchanges. The legislation, already approved by the Chamber of Deputies, awaits President Luiz Inácio Lula da Silva’s sanction.</p> 
<p>Set to be effective from January 1, 2024, the tax applies to earnings exceeding $1,200 from international exchanges, mirroring the domestic tax rate. Funds accessed before December 31, 2023, face an 8% tax, while post that date incurs the full 15%.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a>: The <a href="https://twitter.com/hashtag/Brazilian?src=hash&amp;ref_src=twsrc%5Etfw">#Brazilian</a> Senate has approved new income tax regulations that may necessitate Brazilians to pay a maximum of 15% <a href="https://twitter.com/hashtag/tax?src=hash&amp;ref_src=twsrc%5Etfw">#tax</a> on earnings obtained from <a href="https://twitter.com/hashtag/cryptocurrencies?src=hash&amp;ref_src=twsrc%5Etfw">#cryptocurrencies</a> held on foreign exchanges. <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f62e.png" alt="😮" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/adSytyzn8n">https://t.co/adSytyzn8n</a></p>— CoinMarketCap (@CoinMarketCap) <a href="https://twitter.com/CoinMarketCap/status/1730353522351157350?ref_src=twsrc%5Etfw">November 30, 2023</a>
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<p>The legislation also impacts “exclusive funds” and foreign firms in Brazil’s financial market. The government aims for $4 billion in revenue from these taxes in 2024. Senator Rogério Marinho criticizes the bill, attributing it to poor government management.</p> 
<p>This regulatory move aligns with the surging popularity of cryptos in Brazil. In September, the governor of <a href="https://www.bcb.gov.br/en" target="_blank" rel="noreferrer noopener nofollow">Banco Central do Brazil</a> proposed tighter crypto regulations, expressing concerns about potential tax evasion.</p> 
<p>The central bank gained authority over virtual asset service providers this year, while crypto-based securities fall under Comissão de Valores Mobiliários (CVM), Brazil’s equivalent of the SEC.</p> 
<p>As Brazil seeks to bring cryptos under its fiscal purview, this tax on foreign-held crypto marks a significant step in regulating the burgeoning digital asset landscape in the country.</p> 
<p>Brazil has come a long way with its crypto and blockchain ventures. Earlier this year the nation’s <a href="https://cryptonewsland.com/brazilian-crypto-giant-mercado-bitcoin-breaks-into-payment-institutions/" target="_blank" rel="noreferrer noopener">crypto giant Mercado</a> got the green light from Brazil’s Central Bank to launch a digital bank. This move helped bridge crypto and traditional finance in the country.</p> 
<p>Similarly, other crypto-forward moves within the borders of Brazil include <a href="https://cryptonewsland.com/revolut-launches-crypto-forex-services-brazil/" target="_blank" rel="noreferrer noopener">Revolut rolling out its crypto and forex services</a>. In addition, Brazil is still working on launching its own US dollar stablecoin via Brazil financial giant, <a href="https://www.btgpactual.com/us" target="_blank" rel="noreferrer noopener nofollow">BTG Pactual</a>.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
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 <li><a href="https://cryptonewsland.com/revolut-launches-crypto-forex-services-brazil/">Revolut Rolls Out Crypto &amp; Forex Services in Brazil</a></li>
 <li><a href="https://cryptonewsland.com/brazil-passes-bill-regulating-bitcoin-payments/">Brazil Passes Bill Regulating Bitcoin Payments</a></li>
 <li><a href="https://cryptonewsland.com/brazil-surpasses-1m-bitcoin-and-crypto-users/">Brazil Surpasses 1M Bitcoin And Crypto Users</a></li>
 <li><a href="https://cryptonewsland.com/brazils-nubank-welcomes-over-1m-crypto-users-within-a-month/">Brazil’s Nubank Welcomes Over 1M Crypto Users Within a Month</a></li>
 <li><a href="https://cryptonewsland.com/facebook-may-launch-a-crypto-exchange-in-brazil/">Facebook May Launch a Crypto Exchange in Brazil</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/brazil-tightens-regulations-approves-15-tax-on-crypto-in-foreign-exchanges/">Brazil Tightens Regulations, Approves 15% Tax on Crypto in Foreign Exchanges</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Brazil Tightens Regulations, Approves 15% Tax on Crypto in Foreign Exchanges

Crypto News Land

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