Analysis
A recent spate of violent attacks on crypto investors has authorities concerned about public safety.
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Brazil News
The Federative Republic of Brazil is a country in South America with a population of approximately 216 million, covering the largest land area in both Latin America and South America. Economically, Brazil ranked as the 12th largest economy globally, with a gross domestic product (GDP) of 1.6 trillion. However, it has a low GDP per capita and ranks poorly in human development and crime, with one of the highest levels of homicide and violence.
In November 2022, Brazil’s Chamber of Deputies approved a regulatory framework legalizing cryptocurrency usage for payments. President Jair Bolsonaro signed the crypto bill 14.478 into law in December 2022, establishing crypto as a payment method and introducing licensing requirements for virtual asset service providers (VASPs). On June 14, 2023, President Luiz Inácio Lula da Silva signed government decree No. 11.563, outlining rules under the December 2022 law, empowering the Central Bank of Brazil to regulate and supervise VASPs. Additionally, token projects qualifying as securities remained under the oversight of Brazil’s equivalent of the SEC, the Comissão de Valores Mobiliários.
In Brazil, individuals are taxed on capital gains up to 5 million reais at 15%, increasing progressively to 22.5% for higher gains. Brazilian legal entities are taxed on crypto gains as regular income, following the chosen corporate tax system.
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Brazilian fintech firm Méliuz’s shareholders officially approved a Bitcoin treasury proposal on May 15, with the firm also announcing it acquired another 274.5 Bitcoin.
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Meliuz first bought Bitcoin in March after its board of directors approved using up to 10% of the company’s cash to buy the cryptocurrency.
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The Third Panel of the Brazilian Superior Court of Justice determined that cryptocurrencies can be seized by courts to repay creditors.
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Nubank has seen a quarterly revenue increase of 1124% in less than four years as its customer base has grown.
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World, formerly known as Worldcoin, is a digital ID project that uses iris scans to create a digital identity.
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A new bill in Brazil offers to regulate voluntary salary payments in cryptocurrencies like Bitcoin, requiring employers to pay at least 50% of the pay in the Brazilian real.
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Brazilian fintech unicorn Meliuz has officially purchased Bitcoin worth millions of dollars as part of its new treasury strategy to maximize long-term shareholder value.
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The Nigerian government alleged that Binance caused economic damages after crashing the country’s fiat currency.
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The BBRL stablecoin will only be initially available to institutional clients but the bank has big ambitions for expansion.
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Stablecoin use in emerging markets soars despite the absence of crypto-friendly regulations and basic banking infrastructure. Will the US catch up to this trend?
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Galipolo also highlighted the regulatory and oversight challenges presented by the widespread use of stablecoins in payments.
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Large corporations in Argentina and Brazil are embracing Bitcoin by establishing BTC-based treasuries. Cointelegraph explains why.
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A US court fined the Brazilian founders of EmpiresX over $130 million for operating a fraudulent crypto scheme that misled investors.
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The Rainforest Foundation US “Treasury for the Trees” initiative aims to raise 100 BTC for a strategic Bitcoin reserve. RFUS executive director Suzanne Pelletier explains why.
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