- RFB in Brazil wants to clamp down on any tax fraud going on in the country via cryptocurrency exchanges.
- All crypto-based trading platforms will be required to provide all user transactions conducted.
Brazil’s Department of Federal Revenue (RFB) has recently set new frameworks which requires cryptocurrency exchanges to inform the regulator about transactions conducted by users in order to identify tax fraud.
In terms of the guidelines, they detail how crypto related trading platforms in the country, should be adopting the process on the movements of users’ crypto funds to the agency. The agency will require that cryptocurrency exchanges operators based in Brazil start providing all information on transactions carried out within their system.
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