Brazil’s Ministry of Finance reported a record number of local companies holding cryptocurrency assets in August this year.
The Brazilian Secretariat of Federal Revenue (RFB) reported 12,053 entities that declared crypto-assets in August 2022. This was reported by the local publication Livecoins.
So, the number of companies owning cryptocurrency assets has increased by over 6% in just a month compared to the RFB data from July this year. In July 2022, the Brazilian Tax Service registered 11,360 businesses declaring crypto-assets.
Private crypto investors slightly decreased to 1.3 million in August, compared to 1.36 million in July. However, the number of citizens investing in cryptocurrencies and including them in their tax returns rose by more than 40% compared to June. Therefore, the interest in the crypto market among Brazilian citizens remains at a high level.
The total amount of declared cryptocurrency assets also decreased. In August, the RFB recorded 11 billion BRL (~$2.1 billion), 38% less than in July 2022 (~$3.4 billion).
The most popular cryptocurrencies in Brazilian companies’ assets were:
- Bitcoin (BTC). Companies registered about $270 million in BTC, making over 2.1 million transactions in August. The average transaction volume was $130.
- Tether (USDT). Nearly 80,000 transactions totaling $1.42 billion were made by Brazilian companies in August using USDT. The average amount of transactions was $17,500.
Brazilian businesses actively used Ethereum (ETH), USD Coin (USDC), Chiliz (CHZ), XRP (XRP), Cardano (ADA), and Solana (SOL) in August.
The RFB also noted an increase in the number of female private crypto investors. So while men still make the vast majority (81.1%) of cryptocurrency transactions, women investors grew to 18.9% in August.As a reminder, at the end of April this year, the Federal Senate of Brazil approved the first bill related to cryptocurrency regulation in the country. A month later, the RFB said that local digital investors must include crypto-assets in their tax returns and pay taxes on cryptocurrency transactions.
