20 June 2019 11:12, UTC

The Department of Federal Revenue of Brazil (RFB) has issued new rules requiring crypto exchanges to inform the regulator of user transactions in order to detect tax fraud, Cointelegraph Brazil reports. The guideline states that cryptocurrency trading platforms in Brazil should inform the agency about the movement of users' funds in cryptocurrency and comply with the requirements of Normative Instruction 1.888 / 2019 published in May of this year.

The agency requires that operators based in Brazil provide information on all transactions conducted in their system, and platforms based abroad should provide information "whenever the monthly value of the operations, alone or jointly, exceed 30,000.00 Brazilian reals [$7,750]."



In addition to the volume of the transaction, operators must also provide data such as the nationality of the owner of the digital currency, their place of residence, registration number and description of the crypto assets used in the transaction. In accordance with the rules, all information must be provided within a certain within a specified period. New rules will come into force in September 2019.





Found a mistake? Select the text and press CTRL+ENTER

Share:

Earlier on May 31, the President of the Chamber of Deputies of Brazil ordered a commission to be created to consider cryptocurrency regulation in the country. The commission will be tasked with regulating local activities around Bitcoin and other digital assets.Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies