Brazil's tax authority will soon summon foreign crypto exchanges operating within the country, including Binance and Coinbase, to bolster regulation and transparency amid a rise in digital asset usage in Latin America’s largest economy.
Unlike exchanges formally established in Brazil, these foreign exchanges are not obligated to report transactions conducted on their platforms.
The decision comes as Brazilians declared 133.6bn reais ($24.6bn) in crypto assets from January to July 2023, marking a 36.6% increase from the previous year’s totalling.
