In the latest development, Brazil’s tax authority is planning to explore foreign crypto exchanges to find out their way of operating in the country and whether its citizens are complying with the country’s new tax laws or not. As per a report from Reuters, the Federal Revenue of Brazil is expected to publish an ordinance summoning these firms for further information. The officials also included that they were also concerned about having information on Brazilian wealth subject to taxation. Brazil has seen a spike in crypto trading activity in the first few months of 2024, increasing 30% YoY to $6 billion between January and May.

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