Here comes the first measure of regulation of crypto-coins in Brazil

The crypto-coins market will become more fiscalized in Brazil. The IRS plans the first move to regulate virtual currencies in the country, in an effort to collect taxes from those who negotiate currencies like bitcoin, as well as try to curb the use of money laundering technology.

The Revenue is expected to publish in the coming weeks the first market-oriented crypto-currencies instruction: exchanges, brokers responsible for virtual currency trading, will need to provide information on all transactions made in their systems to the Treasury.

Thus, Brazilian brokerage firms will need to send a monthly record of all the customers that handled crypto-coins in the period. Those who use foreign exchanges will also need to report purchases and sales of the currency monthly to the Internal Revenue Service.

Revenue estimates that there are already more Brazilians moving crypto-coins than investing in the stock market - on the São Paulo Stock Exchange, there are 800,000 registered investors. In addition, the bitcoins market handled more than $ 8 billion in the country last year alone. The Treasury sees the measure as a way to collect taxes from those who work with the currency.

Who has criptomoedas already had to declare the digital assets in the Income Tax of 2018, and the new measure of the Revenue aims to reinforce this collection, besides watching more closely who moves digital coins in Brazil.