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According to a survey released by the Brazilian Association of Financial and Capital Market Entities (Anbima), the total number of bitcoin and other crypto investors in the country exceeded 4.2 million people in June, representing 2% of the population.
The country’s largest digital bank by market value, which in July said it reached 1 million crypto users after starting its crypto platform in May. In July alone, Brazilians transacted 13.7 billion of crypto, 11% less than in June and 28% less than in May. Receita Federal reported that 1.33 million Brazilians made bitcoin and other crypto purchases in July, 68% more than in June.
The report also included crypto purchases made on Brazilian exchanges only because foreign platforms are not obligated to comply with local regulations, which, in 2019, required bitcoin and crypto companies to report Brazilian users’ transactions to the authorities.; One of the points of a crypto bill currently being considered by the Brazilian Congress is the requirement for foreign exchanges to have an Employer Identification Number (EIN) to apply for a local license, which would force them to report transactions. The Brazilian tax authority includes reports made by individual investors or companies, both of which are obliged to disclose monthly amounts above ($5,740).
Opinions expressed here are entirely that of the writer and do not necessarily reflect those of Satoshi’s Journal or Satoshi’s Entertainment Company.