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Brazil Approves 15% Levy on Offshore Crypto Holdings
The Brazilian Senate has passed legislation
proposing an income tax on crypto gains from offshore exchanges, awaiting
final approval from the country’s president. This proposal is slated for
potential enactment on January 1.
The bill aims to introduce a levy of 15% on all earnings garnered from cryptocurrencies held on
offshore exchanges, Cointelegraph reported. If authorized, this tax legislation would impact Brazilians who
earn more than $1,200 from foreign exchanges and investment funds with a single
shareholder.
The anticipated revenue from this tax reform is
substantial, with the government targeting $4 billion for the forthcoming year.
Despite its potential financial implications, the legislation has met
criticism. Brazilian Senator Rogerio Marinho voiced dissent, attributing the
introduction of this tax to poor management by the government.
Brazil‘s crypto market has witnessed rapid growth,
ranking ninth globally in terms of crypto adoption. The country has seen a
surge in assets under management for spot Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term exchange-traded funds, with
approximately $100 million in holdings.
Brazil’s rising interest in digital assets has
attracted global attention, leading various international crypto exchanges to
establish a presence in the country. Apart from Mercado Bitcoin, other players
holding Brazilian payment licenses include Crypto.com and Bitso.
In August, Binance introduced Binance Pay service to the Brazilian market. The exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term said that the unveiling of this
contactless crypto payment platform aims to revolutionize payment methods,
offering Brazilian users an array of digital asset choices and seamless
transactions.
Crypto Firms Race to Establish Presence in Brazil
The expansion of Binance Pay into Brazil signified a leap
forward in the crypto payment sector, catering to the growing demand for
digital currency transactions in the region. With a diverse selection of over
70 cryptocurrencies, including Bitcoin, BNB, Ether, and USDT, the service aims
to provide Brazilian users with a suite of payment options.
Binance Pay boasts zero transaction fees and offers
merchants the flexibility to accept payments in Brazilian Real or directly in
various cryptocurrencies. The crypto exchange teamed up with Weo Games, a
gaming store featuring popular titles like Free Fire, Valorant, and League of
Legends, to roll out the service.
The Brazilian Senate has passed legislation
proposing an income tax on crypto gains from offshore exchanges, awaiting
final approval from the country’s president. This proposal is slated for
potential enactment on January 1.
The bill aims to introduce a levy of 15% on all earnings garnered from cryptocurrencies held on
offshore exchanges, Cointelegraph reported. If authorized, this tax legislation would impact Brazilians who
earn more than $1,200 from foreign exchanges and investment funds with a single
shareholder.
The anticipated revenue from this tax reform is
substantial, with the government targeting $4 billion for the forthcoming year.
Despite its potential financial implications, the legislation has met
criticism. Brazilian Senator Rogerio Marinho voiced dissent, attributing the
introduction of this tax to poor management by the government.
Brazil‘s crypto market has witnessed rapid growth,
ranking ninth globally in terms of crypto adoption. The country has seen a
surge in assets under management for spot Bitcoin
Bitcoin
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that
Read this Term exchange-traded funds, with
approximately $100 million in holdings.
Brazil’s rising interest in digital assets has
attracted global attention, leading various international crypto exchanges to
establish a presence in the country. Apart from Mercado Bitcoin, other players
holding Brazilian payment licenses include Crypto.com and Bitso.
In August, Binance introduced Binance Pay service to the Brazilian market. The exchange
Exchange
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv
Read this Term said that the unveiling of this
contactless crypto payment platform aims to revolutionize payment methods,
offering Brazilian users an array of digital asset choices and seamless
transactions.
Crypto Firms Race to Establish Presence in Brazil
The expansion of Binance Pay into Brazil signified a leap
forward in the crypto payment sector, catering to the growing demand for
digital currency transactions in the region. With a diverse selection of over
70 cryptocurrencies, including Bitcoin, BNB, Ether, and USDT, the service aims
to provide Brazilian users with a suite of payment options.
Binance Pay boasts zero transaction fees and offers
merchants the flexibility to accept payments in Brazilian Real or directly in
various cryptocurrencies. The crypto exchange teamed up with Weo Games, a
gaming store featuring popular titles like Free Fire, Valorant, and League of
Legends, to roll out the service.
#Brazil #Approves #Levy #Offshore #Crypto #Holdings
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