RATE Group | Brazil’s Tax Regulator Wants to Snoop on Cryptocurrency Businesses
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Brazil’s Tax Regulator Wants to Snoop on Cryptocurrency Businesses

03 Nov Brazil’s Tax Regulator Wants to Snoop on Cryptocurrency Businesses

Posted at 00:46h in Cryptocurrency News by

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Brazil’s Department of Federal Revenue (RFB) has recently revealed it’s looking to monitor the activities of businesses dealing with cryptocurrency, a move it claims will help it prevent tax evasion and money laundering.

Brazil’s Tax Man Wants to Monitor Crypto Firms

According to local news outlet G1, the RFB published a document that reveals Brazil-based cryptocurrency exchanges now have to submit detailed monthly reports on all of their cryptocurrency-related operations.

Both businesses and individuals using cryptocurrency assets in the country will reportedly have to report crypto-related transactions that exceed 10,000 Brazilian reals ($2,700) through the organization’s virtual service center (e-CAC). Those who fail to do so will face fines, which can vary depending on whether the reports were delayed, wrong, or false.

The RFB claims that, in December of last year, Brazil saw over 4 billion reals ($1 billion) used to buy and sell…

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