Brazil vs Jamaica
Crypto regulation comparison
Brazil
Jamaica
Legal
No Regulation
Brazil passed comprehensive crypto legislation (Law 14,478) in December 2022, which took effect in June 2023. The Banco Central do Brasil was designated as the primary regulator for crypto assets used as payment, while the CVM oversees crypto securities. Capital gains on crypto are taxed at 15-22.5%.
Jamaica has no specific cryptocurrency legislation. The Bank of Jamaica does not regulate or endorse crypto but has not banned it. Jamaica launched its own CBDC, JAM-DEX, in 2022 through the National Commercial Bank. Crypto exists in a legal gray area with no dedicated framework.
Tax Type
Capital gains
Tax Type
Unclear
Tax Rate
15-22.5%
Tax Rate
N/A
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Banco Central do Brasil, CVM, Receita Federal
Regulator
BOJ (Bank of Jamaica), FSC
Stablecoin Rules
Central Bank developing stablecoin-specific rules as part of the crypto regulatory framework
Stablecoin Rules
BOJ launched JAM-DEX CBDC; no private stablecoin regulation
Key Points
- Law 14,478/2022 (Marco Legal das Criptomoedas) provides a comprehensive legal framework
- Banco Central regulates VASPs; exchanges must obtain authorization to operate
- Capital gains taxed at 15% (up to R$5M), 17.5% (R$5-10M), 20% (R$10-30M), 22.5% (above R$30M)
- Monthly gains under R$35,000 from sales on domestic exchanges are exempt
- Receita Federal requires detailed monthly reporting of crypto transactions via IN1888
Key Points
- No specific cryptocurrency legislation or regulatory framework
- BOJ does not recognize crypto as legal tender but has not banned it
- Jamaica launched the JAM-DEX CBDC in 2022
- FSC Jamaica has not issued specific guidance on crypto asset regulation
- Tax treatment of crypto gains is unclear due to lack of specific guidance