The Brazilian Crypto Assets industry celebrates regulatory progress in 2025, but is concerned about new tax policies.

Source: PortaldoBitcoin Original Title: Brazilian crypto sector celebrates regulatory progress in 2025, but fears new taxes Original Link: Leaders of cryptocurrency exchanges shared their assessments of various new regulatory rules expected to be received by the market by the end of 2025 at the Blockchain Conference in Brazil.

According to João Canhada, the founder of Foxbit, the reason most regulatory frameworks currently take their existing form is due to the silent efforts of companies and entities in the industry. He noted that the first version of regulation was much stricter.

“We are working behind the scenes to ensure that regulation does not become too burdensome,” he said, reminding people how decisions in recent months have prevented a “more restrictive” scenario for exchanges and users, such as a potential ban on self-custody of cryptocurrencies.

“The biggest mistake is not having Bitcoin. The second biggest mistake is not self-custody. If you don’t have self-custody, you are not an owner but a hostage,” he asserted.

The group members also include Rodrigo Marinho from the Free Market Institute, Thiago Sarandy from a leading exchange, Bel Longhi from Ripple, and Júlia Rosin from a compliance platform.

For Bel Longhi, the Director of Regulatory and Public Policy at Ripple, 2025 represents a global turning point for the digital asset market. She stated that the year will be “completely decisive” due to new regulations in various countries, such as the Genius Act in the United States and MiCA in Europe.

“These measures have brought clarity and allowed large institutions to enter the market. We have seen Swift, JPMorgan, BlackRock, and other traditional players starting to use blockchain,” she emphasized.

Bel stated that it is correct for central banks to adopt a technology-neutral approach for international payments, allowing blockchain transactions to be handled in the same way as conventional foreign exchange operations. “Brazil is doing very well. This is very close to what Switzerland is doing.”

Thiago Sarandy, the legal and regulatory head of a leading exchange, elaborated on two major victories the industry has achieved in this regulatory cycle: the bill that could generate new taxes will no longer continue, and the global order book has been removed from foreign exchange regulation.

Regulatory Focus

Ripple's director issued an important warning about the impact of new regulatory taxes: “The issue is not about paying taxes. The issue is that every link in the cross-border payment chain has to pay a 3.5% tax. This is huge and concerning.”

Bel also stated that the way the central bank incorporates the trading of stablecoins into the foreign exchange market structure may push users toward more volatile assets. “This measure could ultimately encourage other riskier assets, and I'm not sure if that is the goal.”

Despite concerns, she positively assessed the central bank's open attitude, pointing out that the authorities are “willing to learn together.”

Julia Rosin, the Public Policy Director of a certain compliance platform, revealed that the company is strengthening its dialogue with the Ministry of Finance, particularly regarding tax issues, and is trying to arrange a meeting with Finance Minister Fernando Haddad to submit detailed data about the industry. “The industry does not oppose taxation. We just hope to establish a system that allows the market to survive.”

The executive pointed out another regulatory bottleneck: inconsistency between regulatory agencies. “The central bank, tax department, and securities commission operate independently. We seek unity, but that is not the reality. Creating a regulation that does not communicate with another is useless.”

She cited the global incompatibility regarding the Travel Rule, which has led to situations where Brazil requires data that even local companies are not mandated to collect from other countries. “If an exchange in another country cannot retain the data, it will not deliver it to you. This is a global issue. We need to elevate this discussion to an international level.”

A senior executive from a leading exchange emphasized that the industry needs to prevent the creation of trading taxes similar to the abolished CPMF. He explained that in India, a 1% tax is levied on any transaction, which has led users to abandon local platforms. “A poorly designed tax could harm the entire market, drive away users, and stifle technology. This is the main risk.”

He also criticized the fact that some products (such as margin trading) are restricted in the country. For him, this reflects an attempt to bring the crypto sector under the logic of traditional banking. “Regulators need to understand that the crypto sector is not like any other sector. The community is strong, and the technology easily does not follow centralization. Excessive regulation will hinder the visibility that central banks want to have over transactions.”

The founder of Foxbit also defended domestic exchanges, stating that they want to offer products such as derivatives and credit, but currently “regulatory standards are too high and not flexible enough.”

For him, the challenge is regulatory rather than technical: “In DeFi, I can get credit in seconds. In Brazil, I need contracts and multiple signatures. This is not efficient.”

Future Outlook

Bel Longhi commented on Deputy Lucas Ramos' bill project regarding the regulation of stablecoins. According to her, given that the Federal Revenue Service indicated that over 70% of cryptocurrency use in Brazil is stablecoins, this is an urgent topic.

The executive explained that the text protects consumers and provides issuers with security, requiring auditable reserves. However, she pointed out a missing point: “The project cannot guarantee the international interchangeability of stablecoins. They need to circulate freely between countries.”

She also pointed out that the bill needs to be coordinated with the Central Bank's Resolution No. 520, which has defined its own rules regarding reserves. “The resolution is a bit excessive, but these are all points we can collaborate on with the Central Bank.”

At the last moment, Bel summarized the general sentiment: “This year's achievements outweigh the problems.”