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Brazil is considering introducing a tax on cross-border payments using cryptocurrencies, a response to the rapid growth of the market and the classification of crypto transactions as foreign exchange transactions. According to the Federal Police, the government loses over $30 billion in lost taxes on crypto transactions annually.
Reasons for the Tax
According to two officials familiar with the matter, the Brazilian government plans to expand the Financial Transactions Tax (IOF) to certain cross-border transfers involving virtual assets and stablecoins. This month, the Central Bank of Brazil classified stablecoins as foreign exchange transactions, creating the basis for the tax.
Currently, crypto transfers are not subject to the IOF, and investors only pay capital gains tax if they exceed a set monthly limit. However, new regulations will ensure that the use of stablecoins does not create regulatory arbitrage with respect to the traditional foreign exchange market.
Crypto Transaction Volume in Brazil
According to the Federal Tax Service, the volume of crypto transactions in Brazil in the first half of 2025 reached 227 billion reais (approximately $42.8 billion), a 20% increase compared to the same period last year. Two-thirds of these transactions were in stablecoins such as USDT, while Bitcoin accounted for only 11%.
The rapid growth of the market and the classification of crypto transactions as currency transactions have paved the way for the possible introduction of an IOF. Authorities warn that stablecoins are often used not as an investment instrument, but as a way to avoid currency controls and taxes.
Legislative Changes
As a reminder, the law on taxation of income from crypto assets on foreign exchanges was adopted in Brazil in December 2023 and entered into force in early 2024. This legislation marks an important step in regulating the cryptocurrency market and ensuring tax revenues for the country's budget.
In Conclusion
Therefore, the introduction of a tax on international cryptocurrency transfers may be the next step in increasing regulation of crypto assets in Brazil, which, in turn, may impact the behavior of investors and cryptocurrency users in the country.
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