Brazil Tax Laws Strike Crypto Exchanges – Cryptocurrency Regulation

South American nation, Brazil has implemented new tax regulations that have affected crypto exchanges in the country.

According to reports, two major crypto exchanges in Brazil confirmed the closure of their business after the implementation of new tax rules in the country. The affected exchanges include Latoex (Latin America Token Exchange). As well as, Porto Alegre-headquartered, Acesso Bitcoin.

Based on reports, Latoex, formerly known as E-juno, claim to be shutting down due to difficulties in meeting the tax authority’s new requirements. Diego Velasques, the chief executive officer of Latoex Capital (the investment arm of the exchange), confirmed the closure last week.

Accordingly, Latoex plans to sell its assets to other companies and return the remaining funds to its clients. The platform also wants to reverse a suspension order issued by CVM, Brazil’s Securities and Exchange Commission. The order threatens to impose a 100,000 Brazilian rial ($23,000) fine if the group…