The Federal Revenue Service implemented a tax of up to 15% on profits from bitcoin (BTC) and other cryptocurrencies traded on exchanges outside Brazil, such as Binance and Coinbase, in 2023, via the Offshore Law. Now, the government wants to increase the tax to 22.5%.

This could greatly affect the cryptocurrency market in Brazil. It is no longer enough to tax our purchases, now they want to tax our businesses even more. #MarketDownturn #Binance #ethereum #bitcoin