Brazil Considers Tax on Crypto Cross-Border Payments to Close Regulatory Gap

Brazil is considering expanding its foreign exchange transaction tax to cover cryptocurrency use in international payments, government officials told Reuters on Nov. 18, as authorities seek to close a regulatory loophole in the country’s forex taxation system. The Finance Ministry is reviewing whether to apply the IOF tax to cross-border transfers using digital assets and stablecoins. The Central Bank classified these operations as forex transactions, according to Reuters’ exclusive report. The IOF (Imp ...