TechFlow reports, according to local media, that Brazil's tax authority, Receita Federal do Brasil (RFB), is intensifying its oversight of cryptocurrency taxation.
The agency has identified violations in the tax returns of over 25,000 taxpayers who held at least 0.05 BTC in their wallets but failed to disclose it.
It is estimated that undeclared BTC assets amount to at least 1.06 billion Brazilian reais (213 million U.S. dollars).
Under Brazilian law, such omissions may result in fines and imprisonment ranging from six months to two years.
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