The Federative Republic of Brazil is a country in South America with a population of two hundred eight million and has the largest area in both Latin America and South America. Brazil has a large economy with the eighth-largest gross domestic product (GDP) but a small GDP per capita and poor positions in human-development and crime, with one of the highest levels of homicide and violence. Brazil has no strict regulations towards Bitcoin. Bitcoin in Brazil operates under Law No. 12,865 that was enacted in October 2013. Bitcoin is considered an electronic currency – “resource, stored on a device or electronic system that allows user to perform a payment transaction”. Bitcoin trades are not taxable in Brazil, but operations with blockchain-based currencies are discouraged by financial authorities, such as the Central Bank of Brazil, due to their high operational risks.
The penalties are part of a new piece of legislation that also regulates crypto trading and payments.
Brazil aims to tighten penalties for crypto-related financial crimes
“We are looking at it and evaluating the best ways to interact and participate in this ecosystem,” a B3 executive said.
Brazil Stock Exchange wants to provide oracles for digital real
Initially supporting only BTC and ETH, BTG Pactual’s new crypto trading platform plans to allow its users to trade a wide range of altcoins.
Top Brazilian investment bank BTG Pactual launches crypto trading app
Visa Brazil executive outlines plans for implementing crypto assets such as Bitcoin onto the payments platform.
Visa reportedly aims to integrate Bitcoin payments in Brazil
Central bank head Roberto Campos Neto recognizes the demand for greater crypto regulation as the country evolves in the market.
Brazil’s central bank president endorses crypto regulation
Hashdex has promised to invest a portion of the assets managed by its new BITH11 ETF into carbon credits and green tech.
New Brazilian Bitcoin ETF pledges carbon neutrality
The fund, which will trade on Brazil’s B3 stock exchange, uses custodial services provided by the Winklevoss twins’ United States-based Gemini.
Brazilian securities regulator approves Ether ETF