Our partner Tiago Severo Gomes was featured in a Money Times report on the Central Bank of Brazil's new rules for the crypto-asset market.
In the article "Banco Central bate o martelo e cria 3 regras para o mercado brasileiro de criptomoedas; veja como elas mexem com seu bolso" [Central Bank makes its decision and creates 3 rules for the Brazilian crypto market; see how they affect your pocket], Tiago commented on the regulatory and tax scope of BCB Resolution No. 521, which brought certain virtual asset transactions — such as international payments, investments and custody for non-residents — within the Foreign Exchange System supervised by the BCB.
Addressing specifically the classification of stablecoin transactions as foreign-exchange transactions, Tiago clarified that "Essa mudança tem caráter eminentemente regulatório, não tributário: o Banco Central passa a supervisionar tais fluxos dentro do Sistema de Câmbio, exigindo registro e reporte, mas não cria, por si só, uma nova hipótese de incidência do IOF" [This change is essentially regulatory, not tax-related: the Central Bank begins to supervise such flows within the Foreign Exchange System, requiring registration and reporting, but it does not by itself create a new taxable event for IOF]
🔗 See the full article: https://lnkd.in/ds6MyM4r
