Brazilian Tax Authority Numbers Reveal Cryptocurrency Market Recovery in January – Bitcoin News
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The Brazilian Tax Authority (RFB) recently published data showing that the crypto market in the country has been growing steadily for the past few months. The data shows a recovery since the COVID-19 related market crash that occurred in March 2020. According to reports, the growth has been driven principally by Bitcoin (BTC) trading.
The RFB data cites 13.6 billion Brazilian Real (BRL) worth of cryptocurrency traded in January 2021, which is approximately $2.5 billion USD. This information surpasses trading activity recorded in the past years, indicating that Brazil has made significant strides in the crypto market.
Even more impressive is the rise in Bitcoin trading volumes in Brazil, accounting for over 80% of total crypto trading volumes. From January to February, the data showed a robust growth of Bitcoin trading, from 65,791 BTC in January to 77,355 BTC in February – a 17% increase in just one month.
It becomes apparent that despite the turbulent economic climate and pandemic, Brazil’s crypto market has been outperforming many of the traditional markets. The growth instills confidence in Brazil’s crypto community and the country’s commitment to developing its crypto industry.
Analysts predict that the recent surges in Bitcoin’s value have attracted more investors, given the stablecoin-like characteristics of Bitcoin. Additionally, the incentive of trading in cryptocurrencies, which are subject to reduced forms of taxation, may be enticing more investors into the market and driving trading volumes.
The Brazilian Tax Authority consequently implemented a regulation in August 2019, requiring crypto exchanges to identify traders’ tax numbers for all transactions above BRL $10,000. This approach ensures that tax authorities can keep a close watch on the activities of traders and take appropriate action when required. The regulation plays a crucial role in making sure the industry is regulated, and the trades are not taking place outside the legal framework.
In conclusion, Brazil’s crypto market is showing substantial growth and increasing opportunities in its market. The steady increase in trading volumes and the regulatory efforts from the Brazilian Tax Authorities indicate no signs of slowing down. The country’s approach to accommodating digital asset transactions, coupled with the influx of investors, could set Brazil on a clear path to becoming a crypto powerhouse.
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