Subtitle
The situation with the taxation of cryptocurrencies is also relevant for the Russian market. In 2020, Russia adopted the law "On Digital Financial Assets", which legalized cryptocurrencies, but at the same time obliged citizens to pay taxes on operations with them. Now the Ministry of Finance of the Russian Federation continues to develop by-laws regulating the procedure for taxation.
Brazil's new Finance Minister Fernando Haddad has suspended consultations on the taxation of cryptocurrencies, which were supposed to determine the rules for taxing digital asset transactions in the country. This happened against the backdrop of the upcoming presidential elections in October, in which Haddad plans to run as a candidate from the Workers' Party.
Expert opinion
This decision by the new head of the Brazilian Ministry of Finance seems quite logical in the context of the upcoming elections. The taxation of cryptocurrencies is a rather sensitive topic that can provoke a negative reaction from a significant part of the electorate. The suspension of consultations allows Haddad to avoid this issue during the election campaign and focus on more popular topics.
At the same time, the postponement of the solution to this problem is fraught with the accumulation of problems. Without clear regulation of the taxation of cryptocurrencies, market participants will act in legal uncertainty, which will negatively affect the development of the industry. The new government will have to return to this issue sooner or later.