Brazil plans to impose a fixed tax of 17.5% on cryptocurrency transactions, with the related proposal set for a hearing in August

ChainCatcher news, according to Brazilian media livecoins, Brazilian lawmakers will debate the new cryptocurrency tax proposal put forward by President Lula. The proposal aims to impose a fixed tax of 17.5% on all crypto transactions and eliminate the income tax exemption for small transactions.

The proposal also covers decentralized finance (DeFi) activities through a temporary measure that takes effect in June. A related hearing will be held on August 6, and the proposal must be approved by October 8, or it will automatically expire.