Brazilian Tax Authority Records 12,000 Institutional Crypto Holdings

Crypto is becoming mainstream in Brazil, with 7.8% of the country’s population (about 16 million people) owning cryptocurrency. This has led to Coinbase and Crypto.com becoming more popular in Brazil.

Brazil has become the main crypto market in Latin America, with records showing that over 12,000 Brazilian businesses have crypto holdings.

Brazilian Tax authorities released August numbers that show the greatest number of holdings. Aside from the high inflation rate in Brazil, cryptocurrency adoption increased in August.

Receita Federal do Brazil (RFB), reports that 12,053 crypto-declaring companies were in its balance sheet as of August 2022.

According to the RFB, Bitcoin holds the most crypto holdings. Tether stablecoin follows closely behind BTC. With a 6.1% increase over July’s 11,360, August also has the best numbers so far.

Rundown Of Brazil’s August Crypto Transaction Records

The number of institutional investors increased while individual crypto investment decreased from July, to 1.3million in August. However, $2.1 BILLION was held in August, which could be due to current bear markets.

The highest volume transaction was made by Tether stablecoin USDT, which saw $1.42 trillion transferred across more than 80,000 transactions during August. The average transaction value of these transactions is $17,500

Tether was closely followed by BTC with almost $270 million of transactions, and the largest volume at over 2.1million in August. Tether was $130 more than BTC, with an average transaction of $130.

Brazilian Tax Authority Records 12,000 Institutional Crypto Holdings
Bitcoin keeps below the $20,000 limit l BitcoinUSDT tradingview.com

In August and July, Stablecoin USDC was in fifth place. USDC fell to Tether, and Brazilian Digital Tokens(BRZ). BRZ can be described as a real-pegged ERC-20 token.

Brazilians Place High Value on Digital Assets

Bitstamp Crypto Pulse reported that 77% of Brazilians trust digital assets and maintain a bullish attitude towards cryptocurrency. PicPay and XP Inc. have also begun offering crypto services. PicPay, as well as XP Inc., integrated crypto-exchange services in August.

Binance also increased its Brazil operations, doubled its speed in March and opened new offices in October. Binance plans to increase its presence in the emerging crypto market and spread it’s net, taking advantage of the growing adoption.

Recently, Binance announcedTwo new offices have been opened in Sao Paulo, Rio de Janeiro and will employ over 150 people to support operations. Brazilian Regulations also approved crypto exchange.

It could be that Brazil’s macroeconomic conditions are causing a rise in cryptocurrency adoption. The inflation rate in Brazil increased 12.1% in April. This was the largest increase in 26 years. The latest data from Brazil’s Statistics Agency shows that the rate has fallen to 8.7% in august.

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