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Crypto taxes at record highs

The Brazilian tax authority records a record month for cryptocurrency transactions.

By Finst News
• 2 min read
Crypto taxes at record highs

Brazil's tax authority is reporting a record month for cryptocurrency transactions. Demand for digital currencies is growing among the population.

In July, more than a million Brazilians filed their crypto tax returns. This was reported by the Brazilian news portal Livecoins, citing data from the tax authority Receita Federal do Brasil (RFB). Thus, 1,336,715 citizens disclosed their crypto information. Compared to the previous month, the figures were just under 800,000.

According to the authority's law, all cryptocurrency holders must report their information to the agency, even if trading doesn't occur on centralized exchanges. Moreover, RFB data point to a rise in the number of women. In July 2022, 18.5 percent of women in Brazil were responsible for cryptocurrency transactions. Financial companies in the South American country also appear to see a lot of potential in cryptocurrencies at the moment.

Besides Bitcoin and the stablecoins USDT and USDC being popular, cryptocurrencies like Ethereum and Cardano did well too.

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