Brazil Considers Taxing International Cryptocurrency Transfers to Align with Global Standards

Brazil is exploring the implementation of a new tax on international cryptocurrency transactions as part of its effort to adopt global data-sharing standards for crypto assets. The move aims to close loopholes and increase revenue, aligning Brazil’s rules with CARF (Crypto-Asset Reporting Framework). Reuters reports that officials are considering extending existing Imposto sobre Operações Financeiras (IOF) tax to include some cross-border cryptocurrency transactions.