Brazil vs Monaco
Crypto regulation comparison
Brazil
Monaco
Legal
Legal
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%.
Monaco has no income or capital gains tax. The CCAF oversees financial activities. Monaco has shown interest in blockchain technology and digital assets.
Tax Type
Capital gains
Tax Type
No tax
Tax Rate
15-22.5%
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Banco Central do Brasil, CVM, Receita Federal
Regulator
Commission de Contrôle des Activités Financières (CCAF)
Stablecoin Rules
Central Bank developing stablecoin-specific rules as part of the crypto regulatory framework
Stablecoin Rules
No specific 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 income or capital gains tax
- CCAF provides financial regulatory oversight
- Government has shown interest in blockchain technology
- Working on digital asset regulatory framework
- Small but active fintech community