On June 14th, according to CoinDesk, Brazil lifted its long-standing tax exemption policy on cryptocurrency earnings. According to the new temporary law (Law No. 1303), personal cryptocurrency profits will be subject to a unified tax rate of 17.5%.
Previously, individuals selling cryptocurrencies worth no more than 35000 reals (approximately $6300) per month were exempt from taxes. Prior to this change, profits exceeding this limit were subject to progressive tax rates, with a maximum tax rate of 22.5%, applicable to transaction amounts exceeding $5.4 million.
