Brazil is contemplating the introduction of taxes on international cryptocurrency payments to address a gap in its current foreign exchange transaction taxation. The Brazilian Ministry of Finance is evaluating the expansion of the Financial Transaction Tax (IOF) to encompass cross-border transfers involving virtual assets and stablecoins, which the central bank recently classified as foreign exchange operations. Presently, cryptocurrency transactions are not subject to the IOF, although investors must pay income tax on capital gains from crypto assets that exceed the monthly tax-free threshold.