The Department of Federal Revenue of Brazil has released new rules which report that crypto coin exchanges will be obliged to transfer data about user transactions to the agency.
The intention of adopting new rules is to prevent tax evasion through crypto coins. Brazilian Federal Revenue Department also provided explanations for crypto-asset exchanges on how to fulfill the requirements.
The department requires local crypto coin exchanges to provide data of all the users operations. In the meantime, international websites are required to submit data only about those users who have conducted transactions worth over 30,000 Brazilian Real which is equal 7.82 in USD.
Besides the operation data, the exchanges will have to submit statistics regarding the nationality of the client, his registration or place of residence, registration number, and a list of digital coins that have been used in the transaction. Data has to be submitted within a stated period of time – until 23.59.59 with Brazilian time, on the last calendar month following to that in which the transaction was held.
After the crypto coin exchanges requirements announcement, legal director of the Bitcoin Banco Group Ismair Junior Couto told that this was awaited, stating that Bitcoin Banco tried to submit the required data to authorities.