The President of Brazil signed a cryptocurrency tax bill, which will tax citizens’ income from overseas holdings at 15% starting next year

Brazilian President Luis Inácio Lula da Silva has recently signed a law that imposes a 15% tax on income from crypto assets held overseas by Brazilian citizens. The law will take effect on January 1, 2024. Under the bill, any citizen whose income exceeds $1,200 (BRL 6,000) from transactions outside Brazil will be taxed; income earned before December 31 this year will continue to be taxed at the current 8% rate. The bill will also affect “captive funds” – investment funds with a single shareholder – as well as foreign companies active in Brazil’s financial markets. The government hopes to raise $4 billion (Br20.3 billion) through the move in 2024. (Cointelegraph)