1 million registered in the country for the first time in July, Brazilian tax authority Receita Federal reported this week. cryptocurrency the number of users has been reached.
Number of Users Trading Cryptocurrency in Brazil Reached 1.33 Million
Receita Federal, 1.33 million Brazilians in July bitcoin and crypto buying, which is 68% more than in June.
Only crypto purchases made on Brazilian exchanges are included in the report because foreign platforms do not have to comply with local regulation 1888, which in 2019 required crypto companies to report transactions of Brazilian users to the authority.
One of the points of a crypto bill currently being considered by the Brazilian Congress is that foreign exchanges must have an Employer Identification Number (EIN) to apply for a local license. If this was the case, foreign exchanges would also have to report transactions.
The Brazilian tax office had stated that individual or institutional investors who transacted over 30,000 Brazilian reals, or approximately $5,740 per month, had to report their transactions.
According to a survey published by the Brazilian Association of Financial and Capital Markets Institutions (Anbima), the total number of crypto investors in the country exceeded 4.2 million in June, reaching 2% of the population.
The July growth coincides with the entry of Nubank, the country’s largest digital bank by market capitalization, which announced it had reached 1 million crypto users in July after launching the cryptocurrency platform in May.
Receita Federal added that Brazilians processed 13.7 billion real crypto transactions in July, 11% less than in June and 28% less than in May.
*Not investment advice.
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