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Brazil to Summon Binance, Coinbase, Seeking Info on Local Operational Collaborations

Brazil’s tax authorities are reportedly summoning several major international crypto exchanges, including Binance, Coinbase, OKX, and KuCoin, which operate in Brazil despite being headquartered elsewhere. According to Reuters, the country’s revenue service plans to issue an ordinance this week requiring these exchanges to provide details about their operations and collaborations with local crypto service providers.

Andrea Chaves, deputy secretary of inspection at Brazil’s revenue service, emphasized that this action aims to gain insights into the operational dynamics of these exchanges within Brazil and assess compliance with the nation’s new tax regulations among Brazilian users.

“We are particularly concerned with understanding their operations here and ensuring compliance with our laws. It’s crucial for us to gather information on Brazilian assets that are subject to taxation,” explained Andrea Chaves, deputy secretary of inspection at Brazil’s revenue service.

The Brazilian government is also seeking to understand how foreign exchanges like Binance and Coinbase collaborate with local crypto service providers. For example, Binance, the world’s largest cryptocurrency exchange, partnered with Mastercard to launch the Binance Card in Brazil last year.

Guilherme Nazar, General Manager of Binance Brazil, highlighted Brazil’s significance as one of Binance’s largest markets. He emphasized the company’s commitment to expanding its services and investments to better serve local users.

Brazil With Highest Crypto Adoption Rate in LatAm

The timing of this action coincides with Brazil experiencing one of the highest cryptocurrency adoption rates in Latin America.

According to the latest Brazil Crypto Report by Metaco, a thriving fintech ecosystem has fueled the widespread adoption of cryptocurrencies, attracting more citizens to engage with financial services. Approximately one in five Brazilians now own cryptocurrency, and the country is expected to generate digital asset revenues reaching $1.5 billion by 2027.

In 2023, Brazilians declared 133.6 billion reais ($24.6 billion) in crypto assets, marking a significant 36% increase from the previous year, as reported by Brazil’s revenue service.

Moreover, Brazil’s Central Bank and the Securities and Exchange Commission (CVM) are collaborating to establish regulations for the cryptocurrency market. These regulations are designed to safeguard consumers and combat financial crimes effectively.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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