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Federal Revenue seeks new cryptocurrency declaration rules in Brazil
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The Brazilian Federal Revenue announced the opening of a public consultation to discuss the new rules for declaring cryptoassets, through the draft of the Normative Instruction that will create the Declaration of Cryptoassets (DeCripto).
This initiative aims to modernize current regulations, updating the standards of Normative Instruction No. 1,888, of 2019, and aligning with the international model for exchanging information on operations with cryptoassets, known as the Crypto Asset Reporting Framework (CARF), of the Organization for Cooperation and Economic Development (OECD).
According to the IRS, DeCripto proposes a structure that will incorporate international concepts and practices, including definitions of cryptoassets and virtual asset service providers (VASPs).
This model is also being debated in the Central Bank’s public consultation, reinforcing the need for standardization and transparency in the cryptoactive sector in Brazil.
Federal Revenue
DeCripto’s proposal includes a series of new requirements for the sector. The IRS hopes to capture detailed information about transfers of cryptoassets to and from abroad, operations of cryptoassets referenced to traditional assets, transactions on decentralized finance platforms and even the fractionalization of non-fungible tokens (NFTs).
These aspects aim to encompass the growing complexity of the market and create a safer and more efficient regulatory environment for the cryptocurrency sector.
The deadline for comments on the draft is December 6, 2024. Unlike the Central Bank’s public consultation, which formulated specific questions about VASPs, the Federal Revenue opted for a broader approach, allowing the market to analyze and suggest improvements to the proposed text.
The IRS, when launching this public consultation, makes it clear that it seeks a high level of transparency and compliance. DeCripto will allow the agency to capture relevant information about operations with crypto assets, including international remittances and operations on decentralized platforms, areas that have been presenting regulatory challenges.
The objective is for the IRS to better monitor these transactions, preventing fraud, tax evasion and ensuring that Brazil follows OECD global standards.
Federal Revenue seeks new cryptocurrency declaration rules in Brazil
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Federal Revenue seeks new cryptocurrency declaration rules in Brazil
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Federal Revenue seeks new cryptocurrency declaration rules in Brazil
