Brazilian Presidential Election May Affect Crypto Policy Direction; Incumbent's Re-election Would Strengthen Regulation and Compliance Requirements

Odaily News: Brazil's presidential election will be held on October 4, and the result may affect the country's (which ranks first globally in crypto adoption) crypto policy direction. Incumbent President Lula is facing off against former President's son Flavio Bolsonaro. If incumbent President Lula is re-elected, he is expected to strengthen regulation and compliance requirements, and the central bank has already tightened oversight of exchanges; he may also push for taxation of stablecoin transactions (which was previously shelved due to the election). If former President's son Flavio Bolsonaro wins, his crypto stance is unclear, and there is no record indicating he has ever mentioned cryptocurrency. However, he previously defended individuals associated with the "Bitcoin Pharaoh" pyramid scheme. (Bitcoin.com News)