Brazil Registers Over 12K Companies Declaring Crypto Holdings

HomeCustody
Share this article
Subscribe for weekly updates
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Jair Bolsonaro; Photo Source: Swarajya

A recent study conducted by the Brazilian Tax Authority (RFB) revealed that over 12,000 Brazilian companies have crypto assets as part of their treasury.

The news came a few weeks after the Brazilian CVM demanded amendments to the pending crypto bill.

According to the RFB’s August report, the number of firms that have adopted crypto grew by 6.1% since July. In fact, many companies have entered the crypto scene since August. For example, investment firm XP Inc. recently launched a crypto trading platform in collaboration with BitGo and Nasdaq.

On the other hand, the number of individuals who have taken up crypto has slowed down. Interestingly, the number still remains above the 1.3M mark. This indicates that cryptocurrencies are being widely adopted in Brazil. Similarly, Crypto Pulse’s September report claimed that over 77% of Brazilians trust crypto.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


RFB's study also revealed that Tether (USDT) is the most popular stablecoin in Brazil. Over $1.4B worth of USDT was moved in August alone. 

It is worth noting that the number of transactions made using Bitcoin was higher than USDT. Moreover, RFB's report added that Bitcoin remains the most popular cryptocurrency in Brazil.

Written by
Ayush Pande

A recent study conducted by the Brazilian Tax Authority (RFB) revealed that over 12,000 Brazilian companies have crypto assets as part of their treasury.

The news came a few weeks after the Brazilian CVM demanded amendments to the pending crypto bill.

According to the RFB’s August report, the number of firms that have adopted crypto grew by 6.1% since July. In fact, many companies have entered the crypto scene since August. For example, investment firm XP Inc. recently launched a crypto trading platform in collaboration with BitGo and Nasdaq.

On the other hand, the number of individuals who have taken up crypto has slowed down. Interestingly, the number still remains above the 1.3M mark. This indicates that cryptocurrencies are being widely adopted in Brazil. Similarly, Crypto Pulse’s September report claimed that over 77% of Brazilians trust crypto.



Get Our Free Newsletter

Subscribe to our newsletter to get tips, our favorite services, and the best deals on Bitcompare-approved picks sent to your inbox


RFB's study also revealed that Tether (USDT) is the most popular stablecoin in Brazil. Over $1.4B worth of USDT was moved in August alone. 

It is worth noting that the number of transactions made using Bitcoin was higher than USDT. Moreover, RFB's report added that Bitcoin remains the most popular cryptocurrency in Brazil.

Written by
Ayush Pande