The Department of Federal Revenue of Brazil (RFB) has issued new rules requiring crypto exchanges to inform the regulator of user transactions in order to detect tax fraud, Cointelegraph Brazil reports. The guideline states that cryptocurrency trading platforms in Brazil should inform the agency about the movement of users' funds in cryptocurrency and comply with the requirements of Normative Instruction 1.888 / 2019 published in May of this year.
The agency requires that operators based in Brazil provide information on all transactions conducted in their system, and platforms based abroad should provide information "whenever the monthly value of the operations, alone or jointly, exceed 30,000.00 Brazilian reals [$7,750]."
In addition to the volume of the transaction, operators must also provide data such as the nationality of the owner of the digital currency, their place of residence, registration number and description of the crypto assets used in the transaction. In accordance with the rules, all information must be provided within a certain within a specified period. New rules will come into force in September 2019.