Our Partner Tiago Severo Gomes Severo was featured in a Money Times article on the new rules of the Central Bank of Brazil for the crypto-asset market.
In the article “Central Bank settles the matter and creates 3 rules for the Brazilian cryptocurrency market; see how they affect your wallet,” Tiago discussed the regulatory and tax scope of BCB Resolution No. 521, which now brings certain transactions with virtual assets, such as international payments, investments and custody for non-residents, within the Foreign Exchange System supervised by the BCB.
Addressing specifically the classification of transactions involving stablecoins as foreign exchange transactions, Tiago clarified that “This change is essentially regulatory, not tax-related: the Central Bank will now supervise such flows within the Foreign Exchange System, requiring registration and reporting, but it does not, in itself, create a new taxable event for IOF purposes”
