{"id":426800,"date":"2024-06-18T21:16:56","date_gmt":"2024-06-18T20:16:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=426800"},"modified":"2024-06-18T21:17:25","modified_gmt":"2024-06-18T20:17:25","slug":"brazils-tax-department-to-begin-collecting-information-from-foreign-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/brazils-tax-department-to-begin-collecting-information-from-foreign-crypto-exchanges\/","title":{"rendered":"Brazil’s tax department to begin collecting information from foreign crypto exchanges"},"content":{"rendered":"

Brazil's Special Department of Federal Revenue will begin collecting information from foreign crypto exchanges to ensure their operations are in compliance with local regulations, Reuters reported on June 18<\/a>.<\/p>\n

The tax department will ask foreign crypto exchanges how they interact with local service providers and ensure the companies provide details required by regulations introduced in 2019.<\/p>\n

Deputy Secretary of Inspection Andrea Chaves said:<\/p>\n

“It's an area of concern for us to understand first how [the foreign exchanges] operate here, whether there's any illegality or not.”<\/p><\/blockquote>\n

Chavez said that the tax department will also collect information about Brazilian wealth that should be subject to taxes.<\/p>\n

The tax department is expected to release an ordinance summoning foreign exchanges before the end of the week. Unlike local Brazilian exchanges, foreign companies do not need to report transactions.<\/p>\n

Reuters identified Binance<\/a>, Coinbase<\/a>, OKX<\/a>, and KuCoin<\/a> as foreign exchanges operating in the country, though the list is non-exhaustive.<\/p>\n

Brazil's rising crypto activity<\/h2>\n

According to tax department data cited by Reuters, individuals and legal entities have reported higher crypto amounts for the past year amid rising activity in the country.<\/p>\n

Tax reporters declared 133.6 billion reals ($24.6 billion) of crypto during the first half of 2023, including 14.5 billion reals ($2.7 billion) <\/span>on foreign exchanges. The numbers represent 36.6% and 51.2% growth in each category compared to the first half of 2022.<\/p>\n

Brazil's tax department intends to release updated data through a technological update.<\/p>\n

More recent third-party data also indicates growth. In a May<\/a> research report, Kaiko Research found that crypto trading volume involving the Brazilian real reached $6 billion between January and early May 2024.<\/p>\n

The $6 billion volume represents 30% growth from the previous year and outpaces US dollar trading volumes. Kaiko's recent data also indicates that Brazil is the largest crypto market in Latin America and the seventh-largest fiat currency market globally.<\/p>\n","protected":false},"excerpt":{"rendered":"

Brazil’s Special Department of Federal Revenue will begin collecting information from foreign crypto exchanges to ensure their operations are in compliance with local regulations, Reuters reported on June 18. 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