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BRAZIL CREATES REGULATION FOR CRYPTOCURRENCIES

This Thursday (August 1st) the first regulation for cryptocurrencies gets in action in Brazil.

According to the normative instruction from Brazil’s Federal Revenue, it was instructed that everyone that operates with virtual currencies must report to the government each and every transaction they made the month before.

This rule will begin this year, probably in September. The Exchanges will have to register accurately, every transferred value.

In Brazil, this is the first regulation made for cryptocurrencies. This rule was announced in May, establishing a new model to be followed.

Any transaction beyond R$30,000 on the accumulated month, must be informed with the names of the involved parties, value, fees, and dates. This obligation is valid for the Exchanges, platforms, and individuals, with no exception.

The new regulation tends to be positive and many Brazilian companies were already operating and registering their transactions. Besides, this is a very important step to the “market’s professionalization”, bringing more safety for people to invest and trust the cryptos’ sector.

In the last few days, Brazil’s Central Bank ex-president, Gustavo Franco, assured that the Bitcoin is “something special” and believes that the future belongs to the cryptocurrencies. The country has been giving much importance to the crypto market.

The regulations also seek to end frauds and making the sector safer, making this network each time more transparent and unviolable.