Tax regulations in Brazil force crypto exchanges to shut down

New tax regulations in Brazil have forced several crypto exchanges to shut down. Crypto exchanges Acesso Bitcoin and Latoex decided to close down their platforms after new tax regulations dried out the trading volumes.

Two major crypto exchanges in Brazil, Latoex have confirmed to shut down their business after the implementation of new tax rules in the country. Crypto exchange Acesso Bitcoin, headquartered in Porto Alegre, advised clients to withdraw their funds from the exchange.

 

Crypto exchanges are unable to meet the tax authority’s new requirements.

Crypto exchanges in Brazil are shutting down as they are unable to meet new requirements put forward by the tax authorities. Crypto exchange Latoex (Latin America Token Exchange) announced to close down its operations last week as the CEO of Latoex Capital, the investment arm of the company, confirmed. The exchange is looking to sell off its assets to other companies and return the remaining funds to its clients. 

 

Brazil is yet to regulate cryptocurrency.

The South American country is yet to adopt legislation to regulate cryptocurrency. Currently, all transactions that are carried out on Brazilian exchanges must be reported to the Secretaria da Receita Federal do Brasil (RFB), the Department of Federal Revenue. Exchanges that do not comply with this face massive fines and penalties. Lawmakers have proposed several bills to regulate the crypto industry in both houses of the country’s National Congress. Several crypto-related bills are currently under review in the Senate. 

Europe has also amended its money laundering laws imposing new regulations on crypto business and custodians operating in European countries. The new rules have also forced several crypto exchanges to shut down

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here