Reports have been circulating in Brazil that the Department of Federal Revenue of Brazil has recently published new guidance for digital assets.
Many believe that the move is the government's effort to increase tax revenue by tapping into the lucrative market of cryptocurrencies which has seen massive growth in the past few years, exceeding $8 billion reals in 2018.
The new policy states that information related to the purchase, sale or donation of crypto funds are to be submitted to the National Collection agency using the Virtual Service Center (e-CAC) by the last working day of the month.
Failure to do so may result in penalties or sanctions, undeclared transactions are fined from 100 to 1000 reals while under-declaration or inaccurate filings may result in 1.5 to 3 percent of the value of the transactions
Headlines for the world of Cryptocurrencies - August 02, 2019
- CFTC Says LedgerX Physical Bitcoin Futures Not Yet Approved
- Business Registry In Malta Embraces Blockchain Technology
- NBA Taking A Shot On Blockchain Technology
- No Regulations Yet For Bitcoin And Ether In U.K.
- More People Searching For Bitcoin Than Stocks
Headlines for the world of Cryptocurrencies - August 01, 2019
- New Regulated Crypto Exchange In Middle East Opens
- Canaan Files IPO In U.S.
- Singapore Could Be The First Country To Embrace Bitcoin
- 22% Of Crypto holders In Europe Are Women
- U.S. Politicians Acknowledges The Power Of Bitcoin
Headlines for the world of Cryptocurrencies - July 31, 2019
- PundiX Integrates Samsung Wallet Into Their App
- US Military To Devleop Blockchain-Based Cybersecurity Shield
- Tethers Becomes Cryptocurrency Of Choice For Chinese Importers
- USDT Now Available on Liquid Network
- U.S. Senate’s Crypto Inquisition
