Cryptocurrency transactions reach BRL 200 billion in 2021

Deepak Gupta February 19, 2022
Updated 2022/02/19 at 12:16 AM

The Federal Revenue reported that Brazilian taxpayers handled a total of BRL 200.7 million in operations involving cryptocurrencies in 2021. According to the body, this amount is more than double reported in 2020: 91.4 billion.

By way of comparison, the BRL 200.7 billion in virtual operations is equivalent to two and a half times the total investments accumulated in the federal government’s Treasury Direct program at the end of 2021 (BRL 79 billion). Since 2019, the Federal Revenue has required the communication of cryptocurrency transactions.

Individuals or legal entities domiciled in Brazil that move more than R$30,000 with virtual currencies over a month are required to provide the information. In addition to them, crypto-asset brokers (exchange), domiciled in Brazil for tax purposes, must also provide information regarding each user of their services.

For the first case, the amount must be declared monthly, whereas exchanges must make the declaration annually. To declare, just access the Statement on Operations Performed with Crypto Assets on the e-CAC portal.

The declaration requirement became mandatory in 2019 in order to combat tax evasion and prevent crimes such as money laundering and illegal remittance of foreign currency abroad. However, Brazil does not have specific regulations for investments in cryptocurrencies. The Central Bank has already issued an alert for the risk of loss of resources in these operations.

increased interest

According to data from the Federal Revenue, there was a large increase in Brazilians’ interest in cryptocurrencies, especially individuals. The average number of people reporting transactions with virtual currencies rose from 125,000 per month in 2020 to 459,000 per month in 2021.

The data show that men carried out 86.3% of transactions in 2021. Meanwhile, women correspond to 13.7%. The average number of companies that made this communication went from 3,100 per month in 2020 to 6,300 per month last year.


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Source: G1

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