RATE Group | Brazil’s Tax Authority Goes After Cryptocurrency Profits
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Brazil’s Tax Authority Goes After Cryptocurrency Profits

03 Nov Brazil’s Tax Authority Goes After Cryptocurrency Profits

Posted at 17:02h in Cryptocurrency News by

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Brazil’s Tax Authority Goes After Cryptocurrency Profits

Taxes

Brazil’s tax authority has published proposals to regulate the cryptocurrency landscape over concerns digital assets are being used to launder money and evade tax. A document released by the Department of Federal Revenue of Brasil (RFB) disclosed plans that will force cryptocurrency traders to reveal their identities and for exchanges to submit financial reports to the authority each month.

Also Read: Africa Dominates Trade Volume on P2P Bitcoin Exchange Paxful

  Draft Tax Guidelines Compel Exchanges to Furnish RFB With Monthly Financial Reports

Brazil’s Tax Authority Goes After Cryptocurrency Profits

In proposals released earlier this week, the RFB stated that all digital currency exchanges in Brazil are now required to provide monthly updates of financial performance, including personal information…

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