The Tax Authority of Brazil confirmed that big companies are continuously moving their funds in the crypto sector, on behalf of their registration as a crypto holder company.
Brazil is a crypto-friendly region in the world, where retail investors are aware of the technology of crypto & blockchain. The lawmakers of Brazil worked for more than 7 years to develop the crypto regulatory framework. At present time, crypto investors are required to pay 15% to 22.5% if the total sales amount exceeds R$35,000 in the tax year.
On 7 October, The Tax Authority of Brazil (Receita Federal do Brasil, or say RFB) published a report and noted that huge numbers of institutional investors in the crypto sector are increasing.
The RFB reported that more than 12,000 companies registered as crypto holder companies, which is an increase from the 11,360 companies that declared in July 2022. But the opposite of this, in the same month, retail crypto holders plunged by 35,000.
To this date, 1.3 million people officially registered with RFB that they are holding cryptocurrencies and this is itself a very big number, which is enough to show that the crypto adoption rate is very high in Brazil.
Bitcoin & USDT adoption
Reports noted that people in Brazil are showing a significant Inclination toward Bitcoin & USDT Stablecoin. Data revealed that the transaction volume of USDT is standing at the top, just after Bitcoin. This fact is showing that Brazilians have believes in Bitcoin & USDT as the most promising and safe assets.
The Total transaction of USDT coin was approximately $1.4 billion only in August of this year. And the total USDT transactions were 79,836, so the average amount per transaction was $18,000.