Brazil's Federal Revenue now requires citizens to pay taxes on like-kind crypto trades
Cointelegraph
Published May 25, 2022 04:45PM ET
Updated May 25, 2022 06:20PM ET
Brazil's Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange of cryptocurrencies; for example, Bitcoin (BTC) for Ethereum (ETH).
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 it claimed that trading between cryptocurrency pairs is taxable even if there is no conversion to the real (Brazil's national currency).
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Written By: Cointelegraph
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