Crypto Exchanges are Required to Report on User Transactions by Brazilian Regulators
The Department of Federal Revenue of Brazil (RFB) issues new rules that require cryptographic operators to inform regulators about user transactions. Thus, they intend to identify tax fraud. This writes the Cointelegraph. In fact, the authorities of the country require information on all transactions carried out in the system of local exchanges. As for cryptocurrency platforms based outside the country, operators are required to provide information only on those transactions the sum of which exceeds 30,000.00 Brazilian real ($7,750). In addition to the volume of transactions, operators need other data, in particular, the nationality of the owner of the digital currency, place of residence, TIN and cryptocurrency involved in the transaction. All the necessary information must be received by the authorities "until 23:59:59, Brasilia time, on the last calendar month subsequent to that in which the operation took place." New rules will come into force in September 2019. The head of Bitcoin Banco Group, the largest Brazilian crypto broker, claims that the release of this initiative was an expected step. He added that Bitcoin Banco Group has already warned customers about future changes in the organization’s policies. We want to remind you: