According to a document released on Tuesday, 30th October, the Brazilian Department of Federal Revenue (RFB) obliged cryptocurrency exchanges to send it monthly reports.
The RFB, which administers tax collection in the country, requested that the exchanges are to send detailed reports on all crypto-related operations. This includes the transaction amounts and clients’ identities.
Additionally – all Brazilian residents have to report transactions from cryptocurrency exchanges located abroad if they were above 10,000 Brazilian reals (around $2700) during one month.
In case of a delay, a fine of up to 1500 reals (around $400) can be issued. If the supplied information is false or insufficient, up to 3% of the transaction value can be charged as a fine as well.
The regulating body explained that the implemented measures had to be introduced due to the crypto industry’s rapid growth in Brazil.
The RFB claimed that cryptocurrency exchanges already have more clients than B3, the Brazilian stock exchange located in San Paulo. Five of the top Brazilian cryptocurrency exchanges trade more than 8.3 million reals (around $2.2 million) each day.
The public consultations are already opened. Proposals regarding the new regulations will be accepted until 19th November.
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