👉 What's new in crypto? Check out the TOP NEWS from 08/06/2019! 📰 [CDF #17]
It's time for a short review of one of today's most important news from the crypto-world! 🔝
👉 Brazilians must report all crypto transactions
From this month, Brazilian citizens are required to report their crypto transactions with a national tax authority, the Federal Income Department (RFB).
Digital transactions with crypto such as Bitcoin must be reported to the RFB in accordance with the rules set forth in the 1888 normative instruction introduced in May 2019. According to the national public news agency Agência Brasil, the new measure applies to individuals, companies and brokerage houses and covers all types of cryptographic activities, including the purchase and sale of the coins, as well as donations, barteries, deposits, withdrawals and others.
Operators have to provide monthly reports by the end of each next month if crypto transactions have taken place. According to the rules, local cryptographic exchanges will have to inform RFB about all operations regardless of value. However, those who use foreign exchanges, brokering or peer-to-peer trading in krypton will have to report transactions if the monthly amount exceeds 30,000 Brazilian Reales (about $7,800).
The penalties range from 1.5% to 3% of the amount of the unreported transaction.r