Brazilian Lawmaker Proposes Amendment to Remove Cryptocurrency Tax Provisions

According to PANews, Brazilian Congressman Eros Biondini has submitted an amendment to eliminate the cryptocurrency tax provisions in the temporary measure No. 1303/2025. The amendment also seeks to repeal clauses related to capital gains tax on cryptocurrencies in Law No. 14754/2023. Biondini criticized the government's decision to increase the financial transaction tax (IOF) rate through Decree No. 12499/2025, arguing that it exceeds the intended purpose of tax regulation. He projected that this increase would result in an additional collection of 20.5 to 41 billion reais between 2025 and 2026, placing a heavier burden on small businesses and self-employed individuals. Biondini has called on the cryptocurrency community to pressure Congress, stating that Brazil could have been a leader in this trend but is instead punishing those seeking to store value. This follows a recent announcement on June 14 that Brazil plans to impose a unified tax rate of 17.5% on cryptocurrency profits.