Coinbase urges Brazil to keep stablecoins as virtual assets and reject IOF tax
- —Coinbase opposes reclassifying stablecoins as e-money or foreign currency, which would revive IOF tax risk
- —29 million Brazilians own crypto — one in six adults and roughly 16% of voters
- —77% of Brazilian crypto investors earn less than three minimum wages
- —October is the deadline for virtual asset service providers (VASPs) to file license applications
Why it matters: Election results and regulatory decisions will determine whether Brazil remains a major crypto market or restricts stablecoin use through taxation.
Source: BeInCrypto BR