Wednesday, October 28, 2020

Regulations tighten up on Brazil’s crypto market

The Takeaway:

For the first time, crypto traders and exchange platforms in Brazil would have to share details of significant transactions with the tax department of the country. Taxpayer and entities whose monthly transaction is equal to BLR 30,000 or more would have to file an online form disclosing the transactions.

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According to a report by Tax-News, a ruling in Brazil has made it necessary for crypto traders and exchange platforms to reveal details of significant transactions. Crypto traders and exchange platforms will have to provide details of transactions that occurred in August by 30th September. 

Exchanges and traders may face a penalty of one to three percent of the transactions that they fail to report to the tax department. Such filings now have to be filed each month by the taxpayers whose monthly transactions equal to BRL30,000 ($7,290) or more. 

Exchanges will have to file an online form to provide transactions information or submit the required file to the tax department. This is a major setback for the cryptocurrency users in the country as this act would diminish the privacy of the transactions. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Paul Rea
Paul Rea
Paul is a graduate from the Queensland University of Technology and has a demonstrated history of working in the computer and network security industry. Apart from being a dedicated author, Paul also has an interest in graphic designing.

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