Major Brazilian industry associations, including ABcripto and ABFintechs, are against the proposed Financial Transaction Tax increase on stablecoin transactions. They represent over 850 companies and express concerns about its legality and effects on Brazil’s crypto landscape.
These associations argue that taxing stablecoins could undermine existing laws, including the 2022 Virtual Assets Law. Currently, an estimated 90% of Brazil’s monthly crypto trading volume, totaling around 6 billion to 8 billion USD, involves stablecoins.
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