Brazil's new finance minister, Dario Durigan, is anticipated to delay the public consultation regarding the application of Brazil's IOF tax on certain cryptocurrency transactions. According to NS3.AI, the proposed draft decree aims to categorize some crypto transactions as foreign exchange operations, with applicable foreign exchange rates ranging from 0.38% to 3.5%. Industry groups have raised concerns, arguing that applying the IOF tax to stablecoin transactions would contradict Brazil's constitution and the 2022 Virtual Assets Law.