The event addressed the challenges brought about by the increase in crypto-asset transactions and the reforms needed in the sector's tax inspection, according to the Brazilian Federal Revenue Service (RFB).
The RFB presented its advances in the regulation and supervision of the cryptocurrency market to representatives from 38 countries. The meeting, which brought together 300 participants, took place recently.
Since May 3, 2019, RFB Normative Instruction 1,888/2019 has required Brazilian investors to declare their movements with cryptocurrencies. As a result of this rule, the IRS has started to monitor purchases, sales, profits and losses related to these assets.
However, since the implementation of the IN, the market has undergone changes, and the Internal Revenue Service has adapted its supervision. One of the new requirements is for Brazilian brokers to identify their investors to the IRS.
Brazil's Federal Revenue Service presents advances in cryptocurrency regulation to 38 countries
The RFB, a pioneer in cryptoasset tax compliance, took part in an event with representatives from 38 nations.
The meeting, organized by a company specializing in blockchain and crypto-asset research, focused on the challenges of increasing transactions with virtual assets and the tax reforms needed for the sector.
During its presentation, the IRS shared its initiatives in the field of cryptocurrency regulation and supervision with tax authorities from various countries, highlighting Brazil's leading role in this global scenario.
The Brazilian agency has stood out for its use of artificial intelligence tools to combat fraud and tackle the tax risks associated with cryptocurrencies.
The RFB also addressed the evolution of national laws, the rules for declaring crypto-assets and data collection. In addition, it highlighted the importance of Brazil in international forums, such as the Organization for Economic Cooperation and Development (OECD), in relation to adherence to the Crypto-Asset Reporting Framework (CARF).
RFB highlights commitment to fighting fraud at cryptocurrency event
The event, attended by 300 people, highlighted the role of Brazil's Federal Revenue Service in digitizing the economy. According to the agency, this demonstrates Brazil's commitment to leading innovative practices to keep up with global changes in the sector.
In a statement, the Revenue Service emphasized that its participation in the event reflects its commitment to transparency and efficiency in the fight against fraud, as well as ensuring that Brazilian legislation is adapted to new technological challenges.
