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Brazil to Impose 15% Tax on Crypto Earnings Held on Offshore Exchanges: Report
The bill is awaiting presidential approval.
Updated Mar 8, 2024, 5:52 p.m. Published Nov 30, 2023, 5:18 p.m.
The Brazilian Senate approved new income-tax regulations that could mean citizens will face paying up to 15% on earnings from cryptocurrencies held on international exchanges, Yahoo Finance reported Thursday.
The regulation, if sanctioned by President Luiz Inacio Lula da Silva, could be effective as of Jan. 1. The bill has been approved by the Chamber of Deputies.
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Those affected will be Brazilians earning more than $1,200 from foreign exchanges and investment funds with a single shareholder. According to Yahoo Finance, the government set a revenue target of $4 billion for these taxes in the new year.
Brazilian Senator Rogerio Marinho criticized the law, stating that the government introduced a tax due to poor management, according to the report.
Cryptocurrencies have become increasingly popular in Brazil with the country ranking ninth in terms of crypto adoption according to a Chainalysis report. CoinDesk recently reported that the nation also has around $100 million in assets under management for spot bitcoin exchange-traded funds (ETFs).
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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