Brazilian fed says crypto exchanges must report users' trades

20 Jun, 2019
by David Robb
Regulation
Brazilian fed says crypto exchanges must report users' trades

Brazil's Department of Federal Revenue (RFB) has issued new regulations regarding cryptocurrency. Exchanges must now report on users' transactions, in order to prevent tax fraud.

The RFB's latest regulatory manual was published in May, and the department has now released further guidelines regarding how crypto exchanges should operate. The rules will come into force from September 2019. 

All crypto exchanges based in Brazil must report on all users' transactions. As for trading platforms that are used by Brazilians but operate elsewhere, they must provide information on their users' activities "whenever the monthly value of the operations, alone or jointly, exceed 30,000 Brazilian reals ($7,750)". Ismair Junior Couto, legal director of the country's top crypto broker Bitcoin Banco Group, claimed that this new initiative was long expected.

The popularity of Bitcoin and other cryptos is growing in Brazil and across Latin America. Ripple recently announced that it will be opening up a new office in the country, as part of its continuing global expansion, although President Jair Bolsonaro recently denied any knowledge of what BTC is. Venezuela in particular has seen huge adoption of BTC as well as Dash (DASH), as an alternative to the country's Bolivar fiat currency, which has been rapidly devalued by the country's escalating hyper-inflation.

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