Brazil’s Tax Regulator Wants to Snoop on Cryptocurrency Businesses

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.

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.

Reference: https://www.ccn.com/brazils-tax-regulator-wants-to-snoop-on-cryptocurrency-businesses/

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