The aim of the probe is to determine if the digital and trade policies in Brazil are imposing undue disadvantages on American firms. Greer highlighted that the investigation intends to scrutinize Brazil’s “tariff and non-tariff barriers,” suggesting that the country provides preferential treatment to certain trade partners while leaving US exporters at a disadvantage. The investigation will also delve into Brazil’s alleged penalization of US tech companies that do not adhere to censorship of political speech.

In 2024, there was a nationwide ban on social media platform X in Brazil after Elon Musk declined to assign a legal representative in the country. This order was issued by Brazil’s Supreme Federal Court in August 2024.

This probe signals the latest surge in tension between the two nations. Former US President Trump expressed his dissent on social media on July 7, urging Brazilian authorities to halt the prosecution of ex-President Jair Bolsonaro, which he described as a “witch hunt.” Shortly after, Trump threatened a new investigation in a letter addressed to Brazilian President Luiz Inácio Lula da Silva, coupled with a 50% tariff on Brazilian imports from August 1.

Pix, introduced in 2020 by the Central Bank of Brazil, is an instant payment system that operates round the clock, enabling people to send and receive money instantly at negligible or no costs. Pix has reshaped the Brazilian digital economy, with over 150 million users and more than 60 million businesses employing it. The US probe intends to uncover if Brazil has been unfairly promoting its local payment system over established American alternatives like Mastercard, Visa, and other US fintech companies.

While Pix operates only within Brazil, its influence is part of a larger shift that has raised concerns among US officials. Crypto-fintech platforms like Truther enable global users to send stablecoins and settle instantly into bank accounts via Pix, bypassing traditional financial systems such as SWIFT, PayPal, and US remittance services like Western Union. This transition has significant implications for global finance and domestic payments.

Furthermore, Brazil’s role in the BRICS economic bloc — with Russia, India, China, and South Africa — is part of a collective effort to lessen reliance on the US dollar and Western financial infrastructure. In 2024, the bloc adopted “BRICS Pay,” a cross-border payments platform designed to facilitate local-currency transactions and circumvent SWIFT. This move has reportedly ruffled feathers at the US end.

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The new tax policy applies universally, whether the assets are on local or international exchanges, self-custody wallets, or even across decentralized finance (DeFi), non-fungible tokens (NFTs), or staking platforms. All digital asset activities are subject to taxation. Taxes are calculated quarterly, and losses can be carried forward for up to five previous quarters. However, this window will be shortened in 2026.

Prior to this change, small investors and casual traders enjoyed a generous tax exemption for trades up to 35,000 reais per month. Moreover, larger profits were taxed progressively. Once the threshold was crossed, a 15% tax was levied on gains up to 5 million reais, and a 22.5% tax on gains exceeding 30 million reais (approximately $5.4 million). This structure meant that hobbyists usually paid nothing, moderate traders paid moderately, and only the largest investors faced the highest tax rates.

The immediate impact of the new tax rules is felt by everyday users. Casual traders who previously stayed below the 35,000-real monthly cap are now fully taxed at 17.5%. For example, a modest 30,000-real profit, previously tax-free, now incurs a 5,250-real liability. This flat-rate model significantly affects small investors and gig-economy traders.

Under the new policy, medium-scale investors now face a 17.5% tax, up from the previous 15% on gains under 5 million reais. However, the new system can reduce the tax burden for high-net-worth traders. Previously, gains over 30 million reais were taxed at 22.5%. Now, that’s capped at 17.5%, leading to substantial savings on large positions.

The 17.5% flat tax now applies to digital assets held outside of centralized Brazilian exchanges, closing a major loophole that allowed tax avoidance through foreign platforms or cold storage. Furthermore, new sectors like DeFi lending, staking rewards, and NFT trades are explicitly included in the tax regime. Returns from yield farming or NFT sales are now taxed like any other crypto gain.

The introduction of Provisional Measure 1303 is a major step in Brazil’s fiscal strategy. Rather than continuing with piecemeal tax hikes, Brazil has now opted for structural change. The move to tax digital assets, fixed-income investments, and online betting revenues is part of a broader Brazilian tax reform in 2025, aimed at expanding the tax base with more permanent and enforceable policies.

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Previously, Brazilian residents who disposed of up to 35,000 Brazilian reals (approximately $6,300) in crypto assets every month were not subjected to income tax. Any gains beyond this limit were progressively taxed, starting at 15% and escalating to as much as 22.5% for volumes surpassing 30 million Brazilian reals.

The new flat rate, effective from June 12, eliminates all exemptions and uniformly applies to all investors, regardless of their transaction sizes, reveals a report by local news outlet, Portal do Bitcoin.

While this change implies higher taxes for smaller investors, wealthy individuals may end up paying less. Previously, huge trades exceeding 5 million Brazilian reals, were taxed between 17.5% and 22.5%. With the new 17.5% uniform rate, many large-scale investors will experience a decrease in their effective tax rate.

Brazil’s provisional measure also widens the tax base, now encompassing crypto assets held in self-custody wallets and offshore crypto holdings. Taxation will now be assessed on a quarterly basis, with investors allowed to offset losses from the preceding five quarters. However, this loss deduction window will be more stringent from 2026.

Brazil also has plans to allow Bitcoin salary payments. In March, Brazilian legislators proposed a bill that would allow employers to pay a portion of their employees’ salaries in cryptocurrencies such as Bitcoin (BTC). However, under these proposed rules, crypto payments should not exceed 50% of an employee’s salary. Full crypto payments would only be permissible for foreign workers or contractors, and only under specific conditions outlined by Brazil’s central bank.

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The court found Joel Ferreira de Souza guilty of using fictitious corporations and surrogate accounts to cleanse the ill-gotten gains from the Braiscompany swindle. This sentence is one of the longest ever dealt in Brazil for financial misconduct.

His offspring, Victor Augusto Veronez de Souza, was given a 15-year jail term for his part in the scheme. Notably, Gesana Rayane Silva, a top broker, was sentenced to 27 years and 10 months, on top of earlier convictions, totaling her jail term to over 40 years, as per regional media sources. However, Mizael Moreira Silva and Clélio Fernando Cabral do Ó were exonerated of money laundering charges due to lack of substantial evidence.

Antônio “Neto” Ais and Fabrícia Farias Campos, the founders of Braiscompany and a married couple, were sentenced in February 2024 to 88 years and 7 months and 61 years and 11 months, respectively. After spending more than a year evading law enforcement, they were finally captured in Argentina. Currently, they are under house arrest awaiting extradition to Brazil.

Braiscompany lured investors with an 8% monthly return on cryptocurrency that was “locked” with the firm for a year. Despite its aggressive client recruitment strategies and claims of prominent crypto affiliations, Braiscompany started defaulting on payments in 2022 and by January 2023, disbursements had almost entirely ceased.

In response, Brazil’s federal law enforcement initiated a nationwide operation in February 2023, dubbed Operation Halving. This led to a raid on the company’s offices and the subsequent flight of its founders. The recent sentencing against de Souza is from a distinct lawsuit focusing on Braiscompany’s money laundering activity.

Disclaimer: The Block is an autonomous media source providing news, research, and data. As of November 2023, Foresight Ventures is a primary investor in The Block. Foresight Ventures invests in other businesses within the crypto realm. Crypto exchange Bitget is a major LP for Foresight Ventures. The Block continues to function independently to provide unbiased, significant, and timely data about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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The Porsche Cup Brasil 2025, which reportedly started its season in March and will continue until November, gathers the finest racing professionals from Latin America. Bitget’s sponsorship not only puts its name on the racetrack but also sets a precedent as the first cryptocurrency exchange to participate in this esteemed event.

Bitget’s foray into sports sponsorships is nothing new. The company has previously collaborated with sports icons like Lionel Messi from 2022 to 2024 and sponsored Juventus’ women’s football team. Sports remain a significant marketing avenue for the exchange. Bitget also extends support to renowned athletes like Turkish wrestling champion Buse Tosun Çavuşoğlu, gold-medal-winning boxer Samet Gümüş, and national volleyball player İlkin Aydın.

With Brazil’s crypto market witnessing rapid growth, boasting over 40 million digital asset users, Bitget’s presence in the Porsche Cup Brasil further solidifies its position in this crucial market. The partnership promises to enhance visibility amongst an audience that appreciates precision, strategy, and performance – critical elements in both racing and investing.

Additionally, the collaboration offers fans exclusive experiences like VIP access to the Paddock Terrace, live race insights, and a chance to ride with professional drivers wearing Bitget-branded helmets. These initiatives are aimed at fostering a deeper connection between the crypto community and motorsport fans.

With a Bitget-branded Porsche 911 GT3 Cup competing in Latin America’s most significant Grand Touring competition, the exchange plans to broaden its services in the region.

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Nubank’s revenues have seen a significant increase, skyrocketing from $245 million in Q1 2021 to almost $3 billion by the end of 2024, as per Statista. With the addition of these four coins, Nubank Cripto’s total coin offerings rise to 20. As of now, the platform permits its 100 million Brazilian clients to purchase, sell, and trade Bitcoin (BTC), Ether (ETH), Solana (SOL), USDC (USDC), and XRP (XRP).

Berkshire Hathaway, led by Warren Buffett, has made several investments in Nubank. A notable investment was the $500 million in Nubank’s Series G funding round in 2021, followed up by an additional $1 billion. Between 2022 and 2024, Berkshire Hathaway elevated its stake in Nubank from 0.1% to 0.4%.

Nubank initiated its journey into the world of cryptocurrencies in 2022, dedicating 1% of net assets to BTC and introducing crypto services. Later in October 2022, it unveiled plans to launch its loyalty tokens on the Polygon blockchain, a service which was discontinued in 2024.

As the largest economy in Latin America, Brazil’s crypto market has seen tremendous growth, with stablecoins making up 90% of total crypto transactions. In 2024, Brazil led Latin America’s crypto trading volume with $6 billion traded. As of 2025, Binance became the first crypto exchange to receive a broker-dealer license to operate in Brazil, and UK fintech Revolut has also made its entry into the market. Currently, Brazilian lawmakers are deliberating the legalization of salary payments in Bitcoin.

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Federal Deputy Luiz Philippe de Orleans e Bragança has brought forward a bill that suggests the regulation of cryptocurrency payments for wages, compensations, and other work-related benefits.

Established on March 12, the bill known as PL 957/2025, supports voluntary and partial payments of salaries in cryptocurrencies such as Bitcoin (BTC), while also necessitating that a portion of the salary be paid in the national currency, the Brazilian real.

Orleans-Braganza, a lineage of Brazil’s former royal family, is currently on his second term as a federal deputy for Sao Paolo and is recognized for his support to Truth Social, a social media initiative owned by former US President Donald Trump.

In Orleans-Braganza’s proposed bill, he calls on lawmakers to prevent employers from paying full salaries in crypto, setting a limit of 50% for such payments.

The bill states, “The payment of salaries exclusively in virtual assets is prohibited,” with the exception for cases involving expatriate employees or foreign workers, as per regulations set by the Central Bank of Brazil.

The bill also permits complete crypto payments by “independent service providers,” given certain contractual conditions.

Otherwise, the portion of the salary paid in the Brazilian real should not be less than 50% of the total salary payout. The conversion of the amount paid in crypto should correspond with the exchange rate officially set by an institution authorized by the Central Bank of Brazil.

This is an ongoing story and more details will be provided as they emerge.

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Stablecoins, linked to tangible assets like fiat currencies or commodities, exhibit less volatility compared to altcoins. They serve as a digital counterpart to traditional currencies and facilitate smooth cross-border business transactions. Data from Chainalysis reveals that Brazilians invested approximately $90B in cryptocurrencies from July 2023 to June 2024. This figure is only outdone by Argentina, which invested $91B in the same period.

Moreover, the global transfer volume of stablecoins reached a staggering $27.6 trillion in 2024, outperforming the combined volumes of Visa and Mastercard. The worldwide market cap of stablecoins crossed the $200B threshold, marking a $37B increase since the pro-crypto Trump took office as the US President.

A surge in stablecoin volume suggests a liquidity increase in crypto markets, hinting at a potential bullish rally led by stablecoins. 2024 witnessed a 500% growth in the meme coin market, from $20B to $120B, outpacing all other crypto classes. Successful meme coins like Dogecoin currently have a market cap exceeding $36B.

As the crypto market moves towards stablecoins and altcoins, the demand for a trustworthy crypto wallet is escalating. This is where the Best Wallet Token ($BEST) enters the picture.

$BEST, the native token of the widely popular Best Wallet App, offers a decentralized, non-custodial crypto wallet that supports more than 60 crypto chains. It facilitates buying, selling, swapping, and tracking all your crypto assets in one place. The $BEST token amplifies the app’s benefits, providing early access to all upcoming alpha tokens, lower transaction fees, and bypassing lengthy KYC processes.

Best Wallet aims to secure 40% of the non-custodial crypto wallet market by 2026, which could generate a massive $4B revenue for the company. With over 250,000 active monthly users and a user base growth rate of 96.3%, Best Wallet Token ($BEST) managed to raise $1M within 14 days of its presale launch. The token has so far raised $9.3M and is rapidly approaching the $10M mark.

Developers have ambitious plans for Best Wallet’s future, such as full Solana compatibility and the Best Card’s introduction for seamless crypto payments. However, always conduct thorough research before investing in crypto assets due to their inherent volatility.

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The city has announced that in the future, residents would be able to pay their taxes with a wider variety of cryptocurrencies. Companies offering these services must register with the municipality and meet the standards set by the Brazilian Securities and Exchange Commission (SEC), as stated in the decree.

The contracted firms will facilitate bitcoin payments and perform cryptocurrency-to-fiat currency conversions. The transfer to the municipality will be made in freely usable local money. Rio de Janeiro mayor, Eduardo Paes, said that the city had become a major international city. As a result, they keep an eye on the development of the economy and technology surrounding cryptocurrency and other forms of digitally stored value. The future is bright, and they plan to make the city the technological hub of the nation. Their municipality is the first in Brazil to provide this sort of compensation to their taxpayers.

Measures of a similar nature have been implemented in numerous countries. The U.S. state of Colorado began accepting cryptocurrencies as tax payments in September. Various measures have been presented in the legislatures of Arizona, Wyoming, and Utah to allow for the acceptance of digital currency tax payments.

Efforts like Rio de Janeiro are representative of a national trend toward increased uptake. Receita Federal do Brasil, Brazil’s tax agency, found that 12,053 different entities listed cryptocurrency on their balance sheets in August. This is 6.1% more than the previous month.

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The recent downturn in the cryptocurrency market and the ongoing exodus of investors have not caused Binance a great deal of anxiety. In June, the chief executive officer of the exchange, Changpeng Zhao, gave assurances that the company had a “healthy war chest” and that crypto winters are really the optimal time for businesses to employ new staff members.

Binance has apparently recruited Henrique Meirelles as its newest member of its Advisory Board, as reported by the daily O Globo. Throughout his professional life, the economist held the position of President of Brazil’s central bank on many occasions. A candidate for the presidency of the South American country in 2018, he also served as the nation’s Minister of the Economy.

Why Brazil?

Recent events have given the impression that the company’s position in the Latin American area is becoming stronger. Countries like Brazil, Argentina, and Mexico are examples of places where the skyrocketing inflation has sent citizens into a panic, and it is fascinating to see that some of those individuals have turned their focus toward digital assets.

Maximiliano Hinz, the senior executive of Binance Latin America, said earlier this month that one of the primary reasons why the company has gathered more consumers during the last few months is the economic volatility that has been occurring in the region.

He stated that we are finding that more and more individuals are looking towards cryptocurrencies, like bitcoin, as a method to insulate themselves against inflation.

The Competitors Are on a Hiring Freeze Right Now

In contrast to Binance, several of the other prominent cryptocurrency platforms have made the decision to reduce their personnel in order to save money during this difficult period.

To begin, Coinbase has cut 18% of its staff members from its workforce. The bad trend that has been affecting the business has also had an effect on the company’s shares, which have decreased by about sixty percent in comparison to where they were a half year ago.

Gemini, the cryptocurrency exchange founded by billionaire twins Cameron and Tyler Winklevoss, recently let off ten percent of its workforce. CryptoCom, Bybit, and Huobi have recently announced minor personnel reductions in order to boost efficiency.

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