Citizens of Brazil are now required to pay tax on any cryptocurrency-related activities and revenue, as announced by the Federal Revenue of Brazil (RFB). This new law means that every cryptocurrency-related activity like NFT flipping, remittance, and trading activities are taxable, with some exceptions.
However, the enforcement is a bit confusing and surprising to see as, currently, no cryptocurrency exchange supports the Brazilian Real, which is the national currency of Brazil.
In a memo published in the Diario Oficial da Uniao, which is the official journal of the Federal Revenue of Brazil, the outcome ...
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