Over 12K Firms Announced Cryptocurrency Ownership In Brazil In AUG

Several new firms from Brazil are jumping into the crypto bandwagon as – in August this year – the country witnessed the registration of a lot of organizational crypto ownership. As reported by the Tax Authority of Brazil, the agency has registered above 12,000 firms that declared the possession of crypto assets on the balance sheet thereof, across the country.

Crypto Adoption Sees USDT as well as BTC at the Top

The respective upsurge is a huge uptake following the 11,360 firms which were registered in July 2022. Nonetheless, a decrease of up to 35,000 has taken place in the figure of those individuals who declared possessing crypto during the same month. However, the respective number is still high with several nearly 1.3M people who have registered. Apart from that, the levels of adoption are also high currently.

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These numbers have been mentioned in RFB’s monthly report regarding the ownership of crypto, pointing toward the direction of the overall market. A noticeable thing is that USDT is considered to be the prominent crypto token that is being utilized throughout the country.

The stablecoin – which is pegged to the United States dollar – experienced the largest volume in comparison with the other digital assets, in the case of transfer volume.

USDT transfers’ cumulative value stood at the point of $1.4B in August. Nevertheless, in the case of transaction numbers, the highest amount is secured by Bitcoin.  2.1M transactions were carried out via the utilization of the primary crypto token, with $130 as its average amount of a transaction.

The rest of the well-known crypto tokens operating within Brazil takes into account BRZ (a stablecoin pegged to the Brazilian Real), ETH, and USDC.

Crypto-Related Regulation and Taxation Enhances the Sector’s Progress

Conventional financial organizations have in advance been influenced by the rapid rate of crypto adoption. This scenario could additionally attract international crypto firms. FTX, a swiftly advancing crypto exchange, recently declared starting a collaboration with Visa. The partnership’s purpose is to introduce debit cards for crypto within forty countries, taking Latin America-based countries also into account.

In the meanwhile, a considerable role has additionally been played by crypto-related regulations, particularly in the subject of taxation. As such, just the investors involved in trading above BRL 35,000 (almost $7,200) require declaring their pay taxes and trade.

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