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RT @StoryProtocol: "Drip Drip" is live now on the IP Portal. @R3HAB and @wukongworld have registered their IP on Story, bringing mainstrea…

Admin: I created a TGR in the web portal but no one’s getting the role in my server. Here are the userIDs. They should ALL get the role! Your bot is broken 😤 Support ACE: Gm Admin. The userIDs you shared haven’t verified with

XPLA to begin relief fund token returns on July 2 @XPLA_Official, the blockchain mainnet operated by Com2uS Holdings, announced on X that it will launch its relief fund return process on July 2, allowing eligible users to return allocated tokens via a new portal. The fund,

All crypto investors in Brazil now have to pay tax on their profits after the government removed the tax exemption for small crypto holders. With the move, crypto holders must now pay a flat 17.5% rate on their monthly profits. The resolution is part of Provisional Measure 1303 from the country’s Ministry of Finance as part of the government’s effort to raise revenue. Before its implementation, investors who sold up to 35,000 Brazilian Real ($6,300) digital assets within a month did not have to pay tax. In contrast, those who sold above got taxed progressively, varying between 15% and 22.5%. However, the new flat rate of 17.5% means that everyone will pay the same amount regardless of the value of their transactions. This represents a positive development for largeholders, while smallholders may have to deal with the tax burden. Interestingly, crypto was not the only one affected by the new rule. Fixed-income securities were also affected as the government has imposed a 5% tax on the previously tax-free financial products. The tax on betting revenue also increased from 12% to 18%. Under the rule, taxation assessment will be done quarterly instead of monthly, as is currently the case with investors able to offset losses from the previous five quarters. Meanwhile, the new tax regime has attracted concerns from crypto stakeholders, many of whom believe that it could force many investors to opt for exchanges and brokers that do not have headquarters in the country so they can avoid the tax burden. According to Brazil-based crypto news outlet Portal do Bitcoin, crypto exchange Mercado Bitcoin questioned the reasoning behind the new rule in a public statement, noting that policymakers failed to engage with industry stakeholders before announcing the rules. It said: “The decisions were made hastily, without dialogue with the sector and without technical basis, even generating doubts about its legality.” The exchange further noted that the rules would make the Brazilian crypto sector less competitive. Thus, it is expected that the country’s legislature, the National Congress, will still review the rules, and the government will engage industry participants. Unsurprisingly, other crypto organizations also seem to agree with this. Advocacy groups such as the Brazilian Association of Cryptoeconomics and The Brazilian Association of Fintechs agree that the decision is a setback for the country’s crypto sector. They noted that the rules would likely make investors opt for offshore and non-compliant platforms or alternative financial products exempt from the tax. Such moves may not just weaken the market but could also expose investors to more risks. Interestingly, the crypto bank Bitybank said that the rule contradicts the consultative efforts of the Brazilian Central Bank. Even more of a concern is the complexity of this new rule for the crypto sector because it would affect most investors. According to Boost Research CEO Andre Franco, many investors would be confused because of the changes as they may not know how to calculate their taxes. Unsurprisingly, some pro-crypto legislators have started opposing the bill. One such lawmaker, Deputy Gustavo Gayer, has already filed a legislative decree to annul the new rules, according to local media reports . Gayer claimed the Provisional Measure exceeds the powers of the Executive and contravenes the country’s tax system because there was no approval from the legislature. He also noted that taxes on crypto assets create legal uncertainty at a time when the sector is awaiting government regulation. He said: “The imposition of taxes on crypto assets and the creation of new tax obligations without due legislative discussion, without a broad technical debate and without the participation of the affected parties, compromises the predictability and transparency of the tax system.” Meanwhile, the Chamber of Deputies has reportedly warned that Provisional Measure 1303 will not be approved until a substantial change shows the Executive is more committed to cutting expenses. KEY Difference Wire helps crypto brands break through and dominate headlines fast

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