Brazil Revenue Collector’s Data Shows Cryptocurrency Volumes Exceed $6 Billio...
Raw data from the Federal Revenue of Brazil (RFB) shows that crypto traded volumes in the country exceeded $6 billion between January and September this year. According to the data, bitcoin dominates as it accounts for over 80% of traded volumes. Still, other cryptos like bitcoin cash, dai, and dogecoin had significant volumes in the period under review. Since August 2019, Brazilian crypto companies and individual users have been complying with the new requirement to furnish the RFB with details of their digital currency transactions. The regulations specifically state that companies and....
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While most of the financial headlines in the past few months have focused on the Greek debt crisis, another type of cash crunch has been going on in Latin America as well. Apart from Argentina, Brazil has also suffered a huge blow to its currency and capital flows, rendering bitcoin trades as an alternative form of investment. Brazil has benefitted from the boom in commodities last year and is currently paying the piper now that oil and gold have been dropping. To make things worse, political turmoil doesn't seem to have subsided in the country yet, limiting the profit opportunities for....
Chainalysis has found that illicit crypto volumes are down this year, with total scam revenue sitting at $1.6 billion, 65% lower than where it was through the end of July last year. “Those numbers suggest that fewer people than ever are falling for cryptocurrency scams,” the blockchain data analytics firm wrote.
Data Shows Illicit Crypto Volumes Are Down
Blockchain data analytics firm Chainalysis published its mid-year crypto crime update titled “Illicit Activity Falls With Rest of Market, With Some Notable Exceptions” on Tuesday.
The firm....
Brazil registered its highest number of companies and institutions declaring ownership of cryptocurrencies in August. The numbers, which come directly from the Brazilian Tax Authority (RFB), show that more and more institutions are eager to purchase cryptocurrency, and also indicate that the most significant volumes are moved using Tether’s stablecoin usdt.
Institutions Are Holding More Crypto in Brazil
Institutions are attracted to holding crypto in Latam countries due to their economies’ specific problems. Recently, the Brazilian Tax Authority (RFB) registered a....
The Federal Revenue of Brazil wants investors to pay taxes on cryptocurrency trading profits, even if there is no exchange for Brazil's national currency. Brazil's Federal Reserve (RFB) has declared that Brazilian investors in the crypto-assets market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin for Ethereum.The RFB's declaration was published in the Diário Oficial da União and was the result of a consultation made by a citizen of the country to the regulator. At the end of last year, the group issued an opinion in which....
Digital currency markets have slipped significantly in value during the last two weeks and the lower prices have not sparked higher trade volumes. Data shows cryptocurrency spot market volume has slipped from $1.4 trillion in November 2021, to this month’s $593 billion in volume. Bitcoin futures open interest and volumes have dropped considerably over the last two months as well.
Crypto Volumes Slide Month-Over-Month Since November
When crypto markets shed significant value, traders typically look to see if trade volume increases in order to support the current prices.....