TechFlow news, according to CryptoSlate, Brazil's Special Division of the Federal Revenue Service will begin collecting information from foreign cryptocurrency exchanges to ensure compliance with local regulations.
Deputy Inspector Secretary Andrea Chaves stated that the tax authority is monitoring these exchanges' operations in Brazil and will gather taxable information. Regulations summoning foreign exchanges are expected to be released before this weekend.
It was reported that in the first half of 2023, the total amount of cryptocurrency declared in Brazil reached 133.6 billion reais (approximately $24.6 billion), a 36.6% increase compared to the first half of 2022. Of this amount, 14.5 billion reais (about $2.7 billion) originated from foreign exchanges.
Data from Kaiko Research shows that from early 2024 to early May, cryptocurrency trading volume involving the Brazilian real reached $6 billion, a 30% year-on-year increase.
