Brazil Tax Authority Sees Record Registrations With Companies Holding Crypto 

2022-10-10 17:42

More Brazilian companies are adopting cryptocurrencies as the country registered the highest number of institutional crypto ownership in August.

The Brazilian Tax Authority reported that it registered more than 12,000 companies in the country that declared they owned cryptocurrency on their balance sheet. This is an increase from the 11,360 companies that declared in July.

However, the number of individuals that declared cryptocurrency assets in the same month declined by 35,000. But with more than 1.3 million people registering, the number is high, and adoption levels are still very high.

The numbers come from the mandatory monthly report from the RFB on the ownership of cryptocurrencies which gives an idea of the market direction.

USDT and Bitcoin leads adoption

Notably, USDT is the major cryptocurrency in use in the country. In terms of transaction volume, the dollar-pegged stablecoin saw the biggest volume among all digital assets.

The total value of USDT transactions in august was over $1.4 billion. This happened across 79,836 transfers, with the average amount per transaction being $18,000.

However, when it comes to the number of transactions, Bitcoin has the highest. There were 2.1 million transfers using Bitcoin, with the average transaction amount being $130.

Other popular cryptocurrencies in the country include USDC, ETH, and the Brazilian Real-pegged stablecoin, BRZ. The fast adoption rate in the country has already influenced traditional financial institutions such as Santander to plan on including cryptocurrencies in their portfolio.

Crypto companies eye Brazil

But it could also drive foreign crypto companies to the region. Fast-growing crypto exchange FTX recently announced a partnership with Visa to launch crypto debit cards for 40 countries, including several in Latin America.

Meanwhile, the accelerated adoption in the country is likely due to the state of the economy, which has made dollar-pegged stablecoins and digital assets attractive.

However, the regulatory clarity on cryptocurrencies, especially in taxation, has also helped. The RFB declared crypto-taxable assets in May and imposed a capital gains tax on the sale. But only investors who trade more than BRL 35,000 (about $7,200) have to declare their trade and pay taxes.

Recently, the Brazilian police busted a group that allegedly used crypto to launder funds.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

The post Brazil Tax Authority Sees Record Registrations With Companies Holding Crypto  appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto companies sees authority tax brazil holding

crypto companies → Результатов: 126


Crypto Job Market Flourishes: West Region Leads With Over 50% Employment

Crypto companies are revolutionizing the traditional concept of organizational structure, embracing a dynamic approach that prioritizes remote work and global talent acquisition.  In a recent study conducted by K33 Research, it was revealed that large crypto companies have successfully cultivated globally distributed employee bases, harnessing the power of virtual collaboration to drive innovation and expansion. […]

2023-7-10 10:52


Crypto Unicorns: Top 10 Most Valuable Blockchain Companies

Unicorns, companies that have crossed the $1 billion valuation mark, are a rare breed. Even more so in crypto. Here’s a list of the 10 most valuable blockchain companies. Blockchain and crypto startups make up just a small fraction of unicorn companies, a category that includes any company with a valuation of $1 billion or […] The post Crypto Unicorns: Top 10 Most Valuable Blockchain Companies appeared first on Crypto Briefing.

2019-11-29 02:56


New Listing of Whitelisted Crypto Companies Has Been Created In Russia

Services The Russian Association of Cryptocurrencies and Blockchain has created a registry of whitelisted companies that offer crypto-related products or services. Japan Confirms Entrance Into the Crypto Space Whitelist of Crypto Firms The Russian Association of Cryptocurrencies and Blockchain (RACIB) has created a whitelist of crypto companies. The list includes firms in the field of

2018-7-16 09:08


Фото:

New York Approves New Electricity Rates for Crypto Miners

New York is seeking to foster growth in its cryptocurrency mining sector, with the New York State Public Service Commission (PSC) approving new electricity rates for Massena Electric Department. The new provisions will facilitate “high-density load customers, as such cryptocurrency companies” accessing “individual services agreement tariff[s],” including “protect[ion] […] from increased supply costs.

2018-7-14 03:30


Фото:

Texas reform issues have been demolished and ordered to the Crypto Company Network

Regulation The Texas State Securities Board has taken an emergency action to stop a network of crypto-related companies from illegally offering investments in the state. Utah-based companies Mintage Mining LLC, Symatri LLC, NUI Social, Social Membership Network Holding LLC, and BC Holdings and Investments LLC are named in the emergency cease and desist order. In

2018-7-13 12:02