Brazil’s Tax Authority Fines Those Who Fail to Declare Bitcoin and Crypto - Cointelegraph

Brazil's tax agency, the Department of Federal Revenue (RFB), published a new tax code that specifies fines for taxpayers who fail to declare their Bitcoin (BTC) and cryptocurrency transactions. On Dec. 6, Cointelegraph Brasil reported that the new crypto tax code is a further follow-up to provisions made by the RFB in August that require Brazilian citizens to report all transactions involving cryptocurrencies, in accordance with rules established by Normative Instruction 1,888 introduced in May 2019.

In August, Cointelegraph reported that RFB believes that the cryptocurrency market in Brazil has more investors than Brazil’s second-oldest stock exchange, B3, which reportedly had about 800,000 customers at the time. Cryptocurrency exchanges also risked being affected, as the requirement that they report all user data and transactions involves the use of an RFB system.

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