🇧🇷-President Lula is expected to sanction tax reform with articles on cryptocurrencies

Cassio Gusson

Crypto Journalist

President Luiz Inácio Lula da Silva is about to sanction the new Tax Reform, which brings significant changes to Brazil's tax legislation.

The text, forwarded by the Chamber of Deputies on Thursday (26), has already received approval from the National Congress. Now, the text awaits presidential signature to come into effect.

Impacts on the cryptocurrency sector

With the new text, cryptocurrency transactions will be regulated in more detail, ensuring greater legal security for investors and companies.

The rules provide for specific taxation for transactions involving digital currencies, such as Bitcoin and Ethereum, consolidating Brazil as one of the countries with the clearest legislation on the subject.

Mike Ermolaev, analyst and founder of Outset PR, highlighted that regarding the purchase and sale of cryptocurrencies, the text does not bring any changes for individual investors. However, the changes will directly impact the tax burden of exchanges.

“However, what is still unclear is how exchanges will deal with these new changes and whether they will pass on any costs to customers,” he said.

According to the director of the Federal Revenue Service, the measures aim to modernize the tax system and adapt it to the demands of the global market.

“With the regulation, we intend to increase revenue and combat crimes such as money laundering and tax evasion,” he said in a recent press conference.