Fun

Brazil’s tax dept to summon info from foreign crypto exchanges: Report

News Feed - 2024-06-19 08:06:11

Brayden Lindrea21 minutes agoBrazil’s tax dept to summon info from foreign crypto exchanges: ReportThe Federal Revenue of Brazil is publishing an ordinance this week to look for any potential “illegality” and info on what Brazilians may be owing in tax.74 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBrazil’s tax authority is reportedly planning to seek information from foreign cryptocurrency exchanges to find out how they operate in the country and whether its citizens are complying with the country’s new tax laws or not.


The Receita Federal do Brasil (Federal Revenue of Brazil) is expected to publish an ordinance summoning these firms for further information later this week, according to a June 18 report from Reuters citing comments from Brazilian officials.


“It"s an area of concern for us to understand first how they operate here, whether there’s any illegality or not,” Andrea Chaves, DFR’s Deputy Secretary of Inspection told Reuters.“We are also concerned about having information on Brazilian wealth subject to taxation.”


Up until now, only local cryptocurrency exchanges have been obligated to report transactions conducted on their trading platforms.Top crypto exchanges by market share include Binance, Mercado Bitcoin and Bisto. Source: Kaiko Research


Last December, Brazil passed a law mandating Brazilians to pay a 15% income tax on cryptocurrency profits and dividends earned on foreign exchanges.


The Brazilian tax authority intends to collect around $4 billion (20 billion Brazilian reals) in the 2024 financial year.


Related:El Salvador removes all taxes related to tech innovation for economic growth


Binance, Coinbase, OKX and KuCoin are among the notable trading platforms operating in the country. Binance currently holds the largest market share in Brazil, accounting for 79% of all transactions — though it has lost some of its dominance to Brazil’s Mercado Bitcoin and Mexico-based Bitso in recent months.


Meanwhile, Brazil saw a spike in cryptocurrency trading activity in the first few months of 2024, increasing 30% year-on-year to $6 billion between January and May.Breakdown of Brazilian real trading pairs by cryptocurrency between May 2020 and May 2024. Source: Kaiko Research


A recent Kaiko report revealed that it is the largest market player in Latin America and the seventh-largest worldwide in terms of fiat currency trade.


Stablecoin transfers remain the main source of cryptocurrency activity in Brazil.


Magazine:What it’s actually like to use Bitcoin in El Salvador# Coinbase# Taxes# Business# Brazil# Cryptocurrency Exchange# Binance# OKX# RegulationAdd reaction

News Feed

Crypto remittances in Venezuela surge as economic situation worsens
Vince Quill2 hours agoCrypto remittances in Venezuela surge as economic situation worsensSanctions from the United States, spiraling inflation and government corruption have created an economic nightmare for Venezuelans.
US Federal Reserve Board Unveils Final Guidelines Used When Reviewing Requests for Access to Master Accounts
US Federal Reserve Board Unveils Final Guidelines Used When Reviewing Requests for Access to Master Accounts The U.S. Federal Reserve Board has said it has released the final guide
European Central Bank is exploring blockchain and MPC technology
Zoltan Vardai10 hours agoEuropean Central Bank is exploring blockchain and MPC technologyThe central bank has been experimenting with multiparty computation, which could support the entire European economy in the future.
Elon Musk Promises to Step Down as Head of Twitter — Edward Snowden Throws His Name in the Hat for CEO
Elon Musk Promises to Step Down as Head of Twitter — Edward Snowden Throws His Name in the Hat for CEO Tesla CEO and Twitter chief Elon Musk has promised to step down as head of
Solana NFTs hit $5B in sales, Greg Solano takes reins at Yuga Labs: Nifty Newsletter
Ezra Reguerra4 hours agoSolana NFTs hit $5B in sales, Greg Solano takes reins at Yuga Labs: Nifty NewsletterSolana-based nonfungible tokens have reached a new milestone, hitting $5 billion in all-time sales volume in Feb
Evan Luthra7 hours agoOpinion: With Bitcoin’s halving months away, it may be time to go risk-onRobert Kiyosaki has predicted that Bitcoin"s price is going to reach $100,000. Michael Saylor is aiming for $1 million. Is
Report: South Korean Prosecutors Accuse Do Kwon of Manipulating LUNA’s Market Price
Report: South Korean Prosecutors Accuse Do Kwon of Manipulating LUNA"s Market Price On Thursday, Nov. 3, 2022, local reports from South Korea disclosed that Korean prosecutors have
Tom Blackstone2 hours agoCanada’s regulatory clarity is bringing institutions to crypto — WonderFi CEODean Skurka stated that although regulations have increased costs, they have also led to greater interest in crypt
SEC Slaps Former Coinbase Manager With Insider Trading Charges — Identifies 9 Crypto Tokens as Securities
SEC Slaps Former Coinbase Manager With Insider Trading Charges — Identifies 9 Crypto Tokens as Securities The U.S. Securities and Exchange Commission (SEC) has announced insider
Ana Paula Pereira4 hours agoMakerDAO increases DAI yield in bid to boost demandThe Enhanced Dai Savings Rate is based on DSR utilization and could boost the stablecoin yield by as much as 8%.705 Total views9 Total shares
3 reasons why Binance’s BNB could rally to a new all-time high
Nancy Lubale2 hours ago3 reasons why Binance’s BNB could rally to a new all-time highBNB price could aim for new highs as multiple metrics point to Binance remaining a major player in the crypto sector.569 Total views2
Litecoin Price Upsurge Cools Off – What’s Next After The $97.8 Drop?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu