Brazil industry giants representing 850 companies decry stablecoin tax threat

They argue the tax would be illegal, violating Brazil's Constitution and Virtual Assets Law, as stablecoins are not considered fiat currency. What to know : Brazilian crypto groups oppose expanding the IOF financial transaction tax to stablecoin operations. They argue the tax would be illegal, violating Brazil's Constitution and Virtual Assets Law, as stablecoins are not considered fiat currency. The industry warns that the new tax would harm innovation and slow the growth of Brazil's large digital asset sector.