The Brazilian Congress plans to impose higher taxes on cryptocurrencies
ChianCacther news, according to Cointelegraph, the Brazilian Congress plans to impose higher taxes on cryptocurrencies. A congressional committee has approved an amendment that classifies cryptocurrencies as "financial assets" for tax purposes in foreign investments. Additionally, the draft bill will tax gains from price fluctuations of crypto assets, as well as exchange rate fluctuations with the Brazilian currency. According to Congressman Merlong Solano, this revision aims to promote tax equity, as overseas cryptocurrency investments currently enjoy lower tax benefits.Under the new regulations, overseas income up to 6,000 Brazilian Reais (approximately 1,200 USD) will be tax-exempt. Income between 6,000 and 50,000 Reais (approximately 10,000 USD) will be subject to a 15% tax rate, and income exceeding this threshold will be taxed at 22.5%.