Federal Revenue presents advances in cryptocurrencies in Brazil at international event

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Federal Revenue presents advances in cryptocurrencies in Brazil at international event
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The Brazilian Federal Revenue reported that it participated in an important international event focused on the debate on cryptocurrencies and tax compliance. The event brought together public sector authorities from 38 countries.

Promoted by a company specialized in blockchain analysis and investigation of activities related to cryptocurrencies, the meeting focused on the challenges arising from the increase in transactions with cryptoassets and tax inspection reforms for the sector.

During the exhibition panel, the Federal Revenue of Brazil shared the advances that the National Tax Administration has promoted for international tax authorities. According to the RFB, this demonstrates Brazil’s prominence in the global scenario of cryptocurrency regulation.

As highlighted in a note about its participation in the event, the Brazilian body has become a reference for its pioneering role in regulating transactions with cryptoassets. Furthermore, the IRS has developed advanced supervision and inspection tools, which use artificial intelligence to combat fraud and tax risks.

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Federal Revenue presents advances with cryptocurrencies in Brazil

As Todaysgist reported, the Federal Revenue Service is investing in new technologies to improve the fight against tax fraud involving cryptocurrencies. With the development of a platform within the scope of the Analytics Project, the Brazilian institution is using artificial intelligence (AI) and complex network analysis to identify financial irregularities, especially those related to the use of cryptoactives.

According to the IRS, the technology, developed by tax auditors and tax analysts, has already been bringing significant results. Furthermore, it is gaining international recognition.

The Federal Revenue presentation covered topics such as the evolution of national legislation, tax declaration rules and the types of data collected. Furthermore, the body highlighted Brazil’s active participation in international forums, such as the Organization for Economic Cooperation and Development (OECD), aiming to adhere to the Crypto-Asset Reporting Framework (CARF).

According to the IRS, the event was attended by 300 people. In this way, it demonstrated the growing relevance of the digitalization of the economy and the leadership role played by the Federal Revenue Service in promoting innovative practices to keep up with these changes in the global scenario.

“The participation of the Brazilian tax administration reinforces its commitment to transparency and efficiency in combating fraud and adapting legislation to new technological challenges”, highlighted the IRS in a note published last Monday (30).

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