The Department of Federal Revenue of Brazil (RFB), a body I charge of collecting taxes in the country, has announced that it now expects monthly reports on crypto assets operations from the country’s cryptocurrency exchanges.
According to the RFB announcement, Brazil-based cryptocurrency exchanges have to submit monthly reports on all crypto-related operations to the department. RFB demanded information such as the amounts of transactions and the identity of the customers.
In addition, transactions carried via foreign crypto exchanges and over 10.000 Brazilian reals (2700 USD) also have to be reported, whether performed by individuals or by legal entities in Brazil.
Failure to comply with the new rules can result in fines of up to 1500 reals (400 USD) and if the information is incomplete, up to 3% of the transaction’s value.