Approximately 29 million people in Brazil hold cryptocurrency, Coinbase opposes IOF tax on stablecoins

Approximately 29 million people in Brazil hold or have held cryptocurrency assets, accounting for about one-sixth of the adult population and nearly three times the number of people investing in the stock market. Coinbase pointed out that Brazilian regulators are considering reclassifying stablecoins as electronic money or foreign currency, which could lead to cryptocurrency transactions being subject to the IOF (Tax on Financial Transactions). Coinbase calls on the new government to continue to classify stablecoins as virtual assets under the existing cryptocurrency legal framework and opposes the imposition of the IOF tax.

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