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Brazil’s Revenue Authority registers record number of crypto declarations

The Brazilian Federal Revenue Authority (Receita Federal do Brasil) is acquiring more authority on cryptocurrencies. On Monday, the Federal Revenue Authority reported that CPF made a record amount of crypto statements in the month of July 2022 and that more procedures were performed by women.

Since 2019, Brazilian revenue has issued an order requiring all country’s cryptocurrency dealers, whether they trade on exchanges or not, to submit information. The Brazilian crypto market, which currently lacks formal laws, has been the subject of data collection by the municipality for the previous three years. In the event that there are gains from the discussions, crypto investors must continue to pay taxes to the municipality. The RFB periodically makes certain information about their activities throughout the nation publicly available.

CPF The quantity of crypto declarations is recorded in the July 2022 CPF Federal Revenue Register. After May 2022 set a record for total declarations for the year with R$ 16.9 billion in information sent, the Federal Revenue Service went two months without updating the data of the Brazilian cryptocurrency market. In reality, this month has remained the most significant in terms of the volume of disclosures, with values of BRL 13.7 and BRL 12.2 billion, respectively, recorded in June and July 2022. In other words, during those months, fewer taxpayers sent statements.

Even though fewer declarations were made to the Federal Revenue in July 2022 than in July 2019, 1,336,715 people nevertheless sent information, making it the longest period since 2019 in which single CPFs sent information.

Rise in registrations for crypto may be driven by women

In addition to the list of distinct CPFs, the profile of statements provided to the Brazilian Federal Revenue Service by cryptocurrency investors also emphasises the fact that the bulk of transactions are made by female investors.

According to RFB statistics, women were in charge of 18.5% of cryptocurrency transactions in Brazil in July 2022, the highest proportion since data started to be supplied by Brazilian taxpayers in 2019. Given that July had the largest percentage of women reporting trades and the most unique CPFs, this would suggest that more women were engaged in the market during this time.

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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