RFB Announces Its Brazil-based Publishes Detailed Report On Crypto Taxation

The Department of Federal Revenue of Brazil (RFB) has announced that Brazil-based crypto trades are now compelled to send them monthly reports on all crypto-associated operations. For example, the companies need to disclose the amounts of transactions as well as the identity of the customers.

Furthermore, both legal entities, as well as individuals dwelling in Brazil, are now compelled to report all the transactions which they have carried out at foreign crypto exchanges in case they surpass $10,000 Brazilian reals per month.

Also, the RFB’s draft on crypto taxation sets a range of charges for those who fail to report their transactions. For tax declaration delay, citizens will need to pay up to 1,500 Brazilian reals. If the information provided is not sufficient or false, then the RFB could charge up to 3% of the transaction value as a fine. Information provided is not sufficient or false, then the RFB could charge up to 3% of the transaction value as a fine.

The Brazilian tax regulator states that such measures have been taken because of the significant growth of the crypto industry within the country. As indicated by the RFB, the number of crypto exchange clients has dependably exceeded the number of users registered at the Brazilian stock exchange based in Sao Paulo.

The regulator’s draft is following a move by Brazilian banks to close some crypto-associated accounts, that prompted a probe launched by local antitrust agency CADE. The investigation was commenced at the request of the Brazilian Blockchain & Cryptocurrency Association (ABCB) following many complaints from crypto industry.

Later in October, the Federal District Court of Brazil compelled major banks Santander Brasil, and Banco do Brasil to reopen the accounts for local crypto exchange Bitcoin Max. The judge ruled out that the banks’ decision to close the crypto-associated accounts was abusive conduct violating consumer protection rules.

In late October, the Federal District Court of Brazil forced major banks Banco do Brasil and Santander Brasil to reopen the accounts for local crypto exchange Bitcoin Max. The judge ruled that the banks’ decision to close the crypto-related accounts was “abusive conduct” violating consumer protection rules.

Kapil Gauhar

Kapil Gauhar is the founder of Blogger’s Gyan. He is a Passionate Blogger, a Big Thinker and a Creative Writer. His passion for doing friendship with words and letting people know about the wonders of the Digital World is what motivates him to take writing as a career.