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.
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).