Brazilian Senate Approves New Income-Tax Regulations for Cryptocurrency Earnings on International Exchanges

The Brazilian Senate has given the green light to new income-tax regulations that could result in citizens having to pay up to 15% on earnings from cryptocurrencies held on international exchanges. The bill has already been approved by the Chamber of Deputies and could come into effect from January 1st if it is sanctioned by President Luiz Inacio Lula da Silva. The new regulations will apply to Brazilians earning over $1,200 from foreign exchanges and investment funds with a single shareholder, with the government aiming to generate $4 billion in revenue from these taxes in the new year. Despite Brazil ranking ninth in terms of crypto adoption, Senator Rogerio Marinho criticized the law, stating that it was introduced due to poor management.