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Brazil Requires Disclosure Of Cryptocurrency Trades

Friday, September 13, 2019

Brazilian virtual currency users, traders, and exchanges are required to disclose details of significant transactions for the first time.

The required information must be provided by completing an online form, or by submitting the required file, based on requirements set out in Interpretative Declaratory Act No. 5 of August 30, 2019. These filings are required for the first time by September 30, 2019, covering transactions that took place during August 2019.

The filings, which must now be filed each month, can be sent through the online e-CAC tax administration portal.

The filing obligations affect those individuals or legal entities resident in Brazil whose monthly transactions amount to or exceed BRL30,000 (USD7,290).

Taxpayers and exchanges face a penalty ranging from 1.5 percent to three percent of the transactions not disclosed for non-compliance.