Brazilian Companies With Crypto Holdings Soar Per Latest Tax Records

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The bureau in charge of administrating tax collection and the customs of Brazil Federal Revenue of Brazil (RFB) released a document detailing companies that declared their cryptocurrency holdings in August. According to the released records, over 12,000 Brazilian companies have crypto holdings and this is the largest number ever recorded.

This figure was attained amid the global dip in the crypto market and high inflation rates. In July, the number of companies with cryptocurrency holding declarations was only about 11,360 which shows that the figure recorded in August is a 6.1% increase from the previous month. 

Although the CPF number which is the number of Brazilians and resident aliens who, directly or indirectly, pay taxes in Brazil, did not increase from that of July, instead it was slightly lower. It fell from over $1.3 billion in July down to $1.3 billion in August. The total declaration value in August also decreased slightly from its figure in July.

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In July, the value of the total declaration was $3.4 billion while in August it fell short to 11 billion Brazilian Reais approximately $2.1 billion probably due to the ongoing crypto winter. 

Tether and Bitcoin Ranks as Most Transacted Cryptocurrencies

Also, the two most traded cryptocurrencies in Brazil were outlined by the local media report.

The stablecoin Tether (USDT) and the largest traded cryptocurrency Bitcoin (BTC) fell into this category. The United States dollar-pegged USDT was the most transacted digital asset in August. More than $1.42 billion in USDT was moved across nearly 80,000 transactions in August, with an average of $17,500 in USDT per transaction.

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On the other hand, only $270 million in BTC was transacted in August. However, BTC was the first in terms of the number of transactions performed with over 2.1 million and an average transaction amount of $130. Another stablecoin USD Coin USDC) was replaced in third place by Ethereum (ETH) in terms of the value of total transactions. 

Instead, USDC moved to fifth place from July to August with the Brazilian Digital Token (BRZ), a Brazilian Real pegged ERC-20 token at fourth place.

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