Brazil is preparing to reform its tax system for cryptocurrencies. According to law 458/21, which has been approved by the National Congress and is awaiting Senate approval, citizens can declare unreported or low-valued assets — including cryptocurrencies and real estate — through the Asset Update and Legalization Program (REARP).
Participants will have to bear a total tax of 30%, equally divided between tax and fines, calculated on the asset value as of December 31, 2024. This reform comes as Brazil's digital currency market surges, reaching a real value of 1.7 trillion in 12 months, an increase of 110%. The government believes this measure will enhance transparency and increase the budget, while the opposition claims it is merely a way to collect additional taxes. Stablecoin remains the main growth driver.
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