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馃嚙馃嚪 Brazil馃嚜馃嚫 Spain馃嚨馃嚬 Portugal
Regulatory statusLegal framework (Law 14,478/2022) regulated by the Central Bank from 02/02/2026 (BCB Resolutions 519, 520 and 521).Regulation (EU) 2023/1114 (MiCA) applies, with provider authorization, custody rules, client protection and a stablecoin regime.Regulation (EU) 2023/1114 (MiCA) applies, with provider authorization, custody rules, client protection and a stablecoin regime.
RegulationLevel 4 路 100/100Level 4 路 100/100Level 4 路 100/100
TaxesIndividuals: assets in Brazil exempt for disposals of up to R$ 35,000/month and taxed at progressive rates above that; assets abroad taxed at 15% in the annual return (Law 14,754/2023). Details in the Tax Radar.Selling or swapping virtual currencies generates a capital gain or loss in the savings base of personal income tax (IRPF), calculated on a FIFO basis.Official leaflet from the Tax Authority on the tax concept and taxation of crypto-assets.
Exchanges / VASPsVirtual-asset service companies require authorization from the Central Bank (BCB Res. 519/2025; procedures in BCB NI 704/2026).Authorization of crypto-asset service providers (CASPs) under MiCA (arts. 59 and 62).Authorization of crypto-asset service providers (CASPs) under MiCA (arts. 59 and 62).
StablecoinsDefined and regulated in BCB Resolution 520/2025; foreign-exchange operations in BCB Resolution 521/2025.Regime for asset-referenced tokens (ARTs) and e-money tokens (EMTs) under MiCA.Regime for asset-referenced tokens (ARTs) and e-money tokens (EMTs) under MiCA.
DeFiTreatment for reporting purposes in DeCripto (decentralized platform, smart contract). No rule regulating the activity was found.MiCA provides for an assessment of the development of decentralized finance and of the need to regulate it (art. 142).MiCA provides for an assessment of the development of decentralized finance and of the need to regulate it (art. 142).
Self-custodyFor income tax, under self-custody the taxpayer's residence determines where the asset is located (IRPF 2026 Q&A).MiCA regulates custody by providers (art. 75); self-custody is not the subject of a specific rule in MiCA.MiCA regulates custody by providers (art. 75); self-custody is not the subject of a specific rule in MiCA.
Tokenization / RWACVM: Guidance Opinion 40/2022. Receita Federal: tokens linked to real assets declared under code 99.DLT Pilot Regime (Regulation (EU) 2022/858) for market infrastructures based on distributed ledger technology.DLT Pilot Regime (Regulation (EU) 2022/858) for market infrastructures based on distributed ledger technology.
CBDCDigital Real Platform Pilot Project (Piloto RD), BCB Resolution No. 315/2023.Digital euro: the ECB moved to the next phase of the project on 30/10/2025; possible first issuance in 2029 if the legislation is adopted.Digital euro: the ECB moved to the next phase of the project on 30/10/2025; possible first issuance in 2029 if the legislation is adopted.
AML / KYCProviders covered by Law 9,613/1998 (through Law 14,478/2022) and AML/CFT policies required by BCB Resolution 520/2025.Regulation (EU) 2023/1113 and EBA guidelines on the "travel rule" for crypto-asset transfers.Regulation (EU) 2023/1113 and EBA guidelines on the "travel rule" for crypto-asset transfers.
ReportingAnnual return (Group 08 of 'Bens e Direitos') and DeCripto (IN RFB 2,291/2025) from 01/07/2026.Providers report transactions to the tax authorities under the DAC8 Directive, applicable since 01/01/2026.Providers report transactions to the tax authorities under the DAC8 Directive, applicable since 01/01/2026.
Who regulates?Central Bank of Brazil, CVM (Securities Commission), Receita Federal (Federal Revenue Service), COAF (Financial Intelligence Unit)ESMA / EBA (EU level) and the national competent authority, Agencia TributariaESMA / EBA (EU level) and the national competent authority, Tax and Customs Authority (AT)
Crypto adoption5th overall (2025)Outside the published top 20 (2025)20th adjusted for population (2025)