Declaring crypto assets in Brazil and reporting to the tax authorities has been a taxpayer's obligation since 2019. With each passing year, with the popularity of cryptocurrencies, the Federal Revenue Service, the Central Bank (BC) and other bodies responsible for the sector require more and more details about investments and profits from these assets.
In 2024, the IRS began to require, for example, information such as the number of self-custody wallets, in addition to being mandatory to detail whether the cryptocurrency is an altcoin or stablecoin.
Income tax is not the only obligation
Today it is not enough to declare cryptoassets under IN 1888. In addition to all operations above R$30,000 being mandatory, it is necessary to report Capital Gains (GCAP), in case of profit from the sale of cryptocurrencies. And it's not over. The taxpayer also needs to make monthly declarations and pay tax in case of transactions exceeding R$35,000 per month.
That’s why BeInCrypto interviewed Julia Santos, an accountant specializing in crypto assets, about the most frequent demands of Brazilians today. Having been in the crypto accounting market for three years, the expert reveals that 2024, “without a doubt, was the busiest in the market”.
We have had several rumors and news about new statements, such as taxing income from pools within exchanges directly at source, which has left many investors worried about what the IRS will do next.
Julia explains that the current greatest demand is due to the boom in the sector, the expected “bull run”.
Investors are preparing to sell their cryptos in 2025 and, to avoid problems with the Federal Revenue Service, they are resolving all pending issues: declaring the cryptos that they never reported on their Income Tax, filing IN 1888 and calculating the capital gains they had in 2024, he explains.
Frequently asked questions about filing crypto taxes in 2025
The three most frequent questions from Santos customers are about the new declarations. The accountant reveals that “many are lost because rumors or news of changes always appear.”
How to avoid paying taxes: People are always looking for ways to avoid taxes. I personally believe that with good tax planning it is possible to sell without having to pay taxes or, at least, significantly reduce the amounts.
And the third most frequent question is what declarations are necessary. This is because many investors believe that Income Tax only exists as a crypto obligation, but this is not true.
In the market, there are 3 mandatory declarations (so far) and they are Income Tax, IN1888 and Capital Gain, reinforces Santos.
Income tax, for example, you need to declare if you have more than R$5,000 or if you have sold more than R$30,000 in one or more months.
Now the other two are monthly, IN1888 needs to be declared if there is a movement of more than R$30 thousand in the month, and this counts all movements, such as purchases, sales, swaps, transfers and more, explains the specialized professional.
Offshore Law
Finally, capital gains were the most talked about this year, as the Offshore Law came to change what was already more familiar to investors. Now capital gains are calculated according to which exchange you use. If you use the Brazilian exchange, you still have the exemption of 35 thousand reais per month, that is, if you sell less than this amount in the month, there is no tax to pay.
The Offshore Law has changed for those who use foreign exchanges. If you operate on Binance, Bybit or any other exchange that is not based in Brazil, you no longer have the R$35,000 exemption, but you can now offset losses with profits.
Another important point is that this tax is now paid in the following year only, so the investor needs to calculate the profits and losses he had in the entire 2024 and from there pay the 15% tax on the profit.
Elaine Cristina de Araujo, tax and fiscal specialist at Contmatic, talks about the importance of professionals modernizing themselves.
To keep up with this evolution, accountants need to expand their skills. It is not necessary to become a technology expert, but understanding the basics of how blockchain works and its impacts is essential, Araujo points out.
In the context in which we live, it is clear that the future of accounting is dynamic and full of possibilities. More than modernizing routines, these technologies redefine the role of the accountant, who becomes a strategic agent for companies' decision-making, concludes Elaine.
The article 2024 was the busiest year for crypto assets, says specialized accountant was first seen on BeInCrypto Brazil.