[Multiple Brazilian Associations Unite to Oppose Expanding Financial Transaction Tax (IOF) to Stablecoin Transactions] Deep Tide TechFlow reports, on March 15, according to CoinDesk, Brazilian crypto and fintech industry associations ABcripto, ABFintechs, Abracam, ABToken, and Zetta issued a joint statement opposing the expansion of the financial transaction tax (IOF) to include stablecoin transactions. These associations represent over 850 companies in Brazil. The associations argue that including stablecoin transactions in the tax scope would conflict with Brazil's existing legal framework and harm the country's crypto industry. They believe this measure could violate Brazil's Constitution and the Virtual Asset Law passed in 2022. According to an auditor from Brazil's Federal Revenue Service, the monthly trading volume of Brazil's crypto market is approximately $6 billion to $8 billion, with about 90% consisting of stablecoin transactions.