Multiple Brazilian associations jointly oppose extending the IOF financial transaction tax to stablecoin transactions.

Techub News, according to CoinDesk, Brazilian cryptocurrency and fintech industry associations ABcripto, ABFintechs, Abracam, ABToken, and Zetta have issued a joint statement opposing the extension of the Financial Transaction Tax (IOF) to stablecoin transactions. These associations, representing over 850 companies in Brazil, argue that the measure would conflict with the existing legal framework and harm the development of Brazil's crypto industry; it may violate the Brazilian Constitution and the Virtual Assets Law passed in 2022. According to data from Brazilian Federal Revenue auditors, Brazil's monthly crypto market transaction volume is approximately $6 to $8 billion, with about 90% being stablecoin transactions.