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.