Brazil Approves Up to 15% Tax on Foreign Crypto Earnings Over $1,200 Starting 2024
• Brazil's Federal Senate approved new tax rules requiring Brazilians to pay up to 15% tax on crypto income from exchanges outside Brazil, effective January 1, 2024.
• The new rules apply to Brazilians earning over $1,200 from foreign crypto exchanges.
• Funds earned before 2024 will be taxed when accessed; earnings accessed before December 31, 2023 will be taxed at 8%.
• The bill also affects exclusive funds and foreign companies active in Brazil's financial market.
• The government hopes to raise $4 billion from the new crypto tax in 2024.