Overview
- Finance officials are reviewing whether to apply Brazil’s IOF financial transaction tax to some international transfers using cryptocurrencies and stablecoins, with any levy still contingent on separate tax authority guidance.
- The Central Bank’s resolutions treat purchases, sales, and exchanges of stablecoins as foreign-exchange operations, covering international payments, card settlements, and transfers to or from self-custody wallets.
- The Federal Revenue Service expanded reporting on Nov. 14 through IN RFB nº 2.291, requiring foreign crypto exchanges operating in Brazil to report transactions.
- Government data show crypto transactions reached 227 billion reais ($42.8 billion) in the first half of 2025, with USDT accounting for about two-thirds of volume and bitcoin about 11%.
- A Federal Police official cited schemes using stablecoins to underdeclare imports and estimated more than $30 billion in annual revenue losses, arguing greater visibility would also aid collection of customs duties.