RATE Group | Brazilian Cryptocurrency Exchanges Hit Hard by Tax Regulations
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Brazilian Cryptocurrency Exchanges Hit Hard by Tax Regulations

17 Feb Brazilian Cryptocurrency Exchanges Hit Hard by Tax Regulations

Posted at 07:37h in Cryptocurrency News by

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Legislators in Brazil have gotten support to regulate the crypto market following allegations of fraud at Atlas Quantum, Zero10, and Trader Group last year, and February saw some of the results of those actions. Bitcoin.com has reported that two major cryptocurrency exchanges based in the South American nation have been shut down following threats of heavy fines and the immediate effects of the regulations. 

Acesso Bitcoin was one of the exchanges to voluntarily close their doors. Cofounder Pedro Nunes was quoted by crypto news outlet Portal do Bitcoin as saying:

“After the Federal Revenue Service introduced these rules we noticed a significant decrease in the traded volume. We also feel that the market has cooled off for smaller exchanges.”

Latoex, another Brazil-based crypto exchange, faces similar problems. The company is looking at a 100,000-Brazilian real (BRD) fine if it does not comply with a suspension order issued by Brazil’s Securities and Exchange Commission.

Current…

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