The Brazilian Tax Authority Has Recorded 12,000 Institutional Crypto Holdings.

In Brazil, where 7.8% of the population, or roughly 16 million individuals, now possess Bitcoin, it is becoming more commonplace. Exchanges like Binance, Crypto.com, and Coinbase are growing rapidly in Brazil as a result. According to data, approximately 12,000 Brazilian corporations have cryptocurrency holdings, making Brazil the region’s largest crypto market. The biggest number of assets ever recorded was revealed in numbers from August issued by the Brazilian Tax Authority. In addition, cryptocurrencies showed a rise in acceptance in August despite the nation’s high rates of inflation. According to sources, in August 2022, Receita Federal do Brazil (RFB) registered 12,053 businesses that listed cryptocurrency in their balance sheets. According to the RFB statement, Bitcoin has the biggest holdings of all the cryptocurrencies, closely followed by Tether stablecoin. The figures for August are also the highest so far, up 6.1% from the 11,360 recorded in July.

 

List Of Brazilian Crypto Transaction Records For August

Even though there were more institutional investors, there were 1.3 million fewer individual investors in August than there were in July. In contrast, the overall amount of holdings decreased, coming in at $2.1 billion in August, which may be related to the present weak market. Tether stablecoin USDT got the largest transaction volume, with approximately $1.42 billion transferred across 80,000 transactions in August. This amount averages out to $17,500 per transaction. Tether was closely followed by BTC, which had the highest volume of almost 2.1 million transactions and nearly $270 million in August. But compared to Tether, BTC transactions cost $130 less on average. In terms of value exchanged between July and August, the Stablecoin USDC dropped from third to fifth place. Tether and Brazilian Digital Token triumphed against USDC (BRZ).

 

A real-pegged ERC-20 token is BRZ. Brazil Retains a High Level of Trust for Digital Assets

Brazilians are still positive about cryptocurrencies, according to Bitstamp Crypto Pulse, with 77% saying this in September. Additionally, a number of Brazilian financial institutions, including XP Inc. and PicPay, have started to provide cryptocurrency services. In August, PicPay and XP Inc. both integrated cryptocurrency trading services. Additionally, Binance expanded its operations in Brazil, tripling its momentum in March, and inaugurating two additional locations on October 4. With the growing acceptance of cryptocurrencies by the general public, Binance is attempting to expand its reach and enter the burgeoning industry.

 

Binance recently announced the opening of two new offices with over 150 staff members each in Sao Paulo and Rio de Janeiro. The cryptocurrency exchange also functions in accordance with Brazilian regulations. Brazil’s macroeconomic circumstances may be to blame for the country’s rising crypto acceptance. Brazil’s inflation rate increased by 12.1% in April, the most in 26 years. However, according to the most recent data from Brazil’s statistics agency, the rates decreased to 8.7% in August.

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