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

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