The Brazilian Tax Authority (RFB) reported that in July, 1,336,715 Brazilians filed returns reporting income from digital currencies. The most popular crypto assets were USDT and BTC.
Note that in May of this year, only 365,000 citizens reported their income from crypto assets to RFB, in June this number rose to almost 800,000, and in July it increased by more than 50%.
Bitcoin (BTC) was the second most popular cryptocurrency among Brazilians in July, with the stablecoin Tether (USDT) taking first place, according to filings. Ether (ETH), Cardano (ADA) and Solana (SOL) were also among the ten most traded cryptocurrencies.
Most transactions with cryptocurrencies in July were made using bitcoin – almost three million transactions. Nevertheless, Tether was the main use in large transactions. The total value of USDT transactions is four times the volume of BTC transactions.
The Brazilian tax authority did not update data on the cryptocurrency market for two months after it recorded a record number of declarations for the year with reports of income from digital assets worth 16.9 billion reais in May.
Recall that in 2019, the Brazilian authorities obliged citizens of the country to report income from digital assets, even if transactions are not carried out using centralized exchanges.