Brazil’s Tax Authority to Request Data from Overseas Cryptocurrency Exchanges: TradingView News Report

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      The Brazilian tax administration is considering measures to acquire data from international crypto asset platforms regarding their activity within the nation. This action aims to determine the adherence level of Brazilian nationals to the newly implemented tax regulations.
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      It is anticipated that by the end of the current week, the Brasil's Receita Federal will issue a directive calling upon these entities to provide additional details. This anticipation comes following a report on June 18 by Reuters, which referenced statements made by government representatives from Brazil.
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      Andrea Chaves, the Deputy Secretary of Inspection for the Receita Federal, revealed to Reuters, "We are focused on comprehending how these exchanges operate within our jurisdiction to identify any potential legal issues."
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      "Additionally, it is crucial for us to obtain information concerning Brazilian assets that might be subject to taxation," she added.
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      Previously, only exchanges based in Brazil were mandated to report their platform's trade activities. <span class="container-S5VA5POt"><figure><div style="height:inherit;margin:0 auto;max-height:600px;max-width:1115.9802306425042px;aspect-ratio:1.8599670510708401" class="preview-gDIex6UB fixedHeight-gDIex6UB preview-S5VA5POt"><picture class="picture-gDIex6UB"><source src="" type="images/webp"/><img style="background-color:#aca9bc" alt="" src="" role="presentation" loading="lazy" class="image-gDIex6UB image-S5VA5POt"/></picture></div><figcaption class="caption-S5VA5POt"><span class="copyright-S5VA5POt">Cointelegraph</span></figcaption></figure></span>
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      As of the previous December, a new regulation in Brazil now compels Brazilian citizens to remit a 15% tax on earnings and dividends from crypto assets held overseas.
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      Through these efforts, the Brazilian tax authority aims to collect a projected sum of $4 billion (or approximately 20 billion Brazilian reals) during the financial year of 2024.
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      Prominent platforms such as Binance, Coinbase, OKX, and KuCoin are amongst those serving the Brazilian market. Binance, in particular, dominates most of the market transactions at 79%, although lately, it has experienced competition from local exchange Mercado Bitcoin and Mexico's Bitso.
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      Additionally, there was a noteworthy 30% increase in cryptocurrency trading volumes in Brazil, reaching $6 billion from January to May of the first months of 2024—indicating a significant uptick from the year prior. <span class="container-S5VA5POt"><figure><div style="height:inherit;margin:0 auto;max-height:600px;max-width:1172.3893805309735px;aspect-ratio:1.9539823008849557" class="preview-gDIex6UB fixedHeight-gDIex6UB preview-S5VA5POt"><picture class="picture-gDIex6UB"><source src="" type="images/webp"/><img style="background-color:#d1cbca" alt="" src="" role="presentation" loading="lazy" class="image-gDIex6UB image-S5VA5POt"/></picture></div><figcaption class="caption-S5VA5POt"><span class="copyright-S5VA5POt">Cointelegraph</span></figcaption></figure></span>
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      According to a recent study by Kaiko, Brazil ranks as the most influential Latin American market and the seventh-largest globally in fiat currency trading associated with crypto assets.
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      The report also highlights that operations involving stablecoins constitute the bulk of crypto-related movements in the Brazilian market.
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