Tech

Number of companies holding crypto assets hits record high in Brazil, Details here


Brazil appears to be seeing an explosion in institutional crypto investors, the latest findings of the country’s tax authority, the Receita Federal do Brasil (RFB) have suggested through the findings. its latest. Currently, a total of 12,053 institutions have claimed to hold crypto in Brazil. This marks a six percent increase from the 11,360 companies that announced crypto holdings around July of this year. The development came to light at a time when Brazil’s inflation rate hit a 26-year high of 12.1% in April.

Bitcoinfollowed by stablecoins Tether are the two most popular cryptocurrencies held by Brazilian institutions.

While the number of institutional investments has increased in the Brazilian crypto sector, the value of the total claims appears to have decreased significantly.

In August, these investments fell to $2.1 billion (about 17,298 crore) from July’s $3.4 billion (about 28,008 crore).

Tether has the highest transaction value, with over $1.42 billion (approximately 11,695 crore) moved through nearly 80,000 transactions in August, averaging around $17,500 (approximately $14 lakh) per transaction, a CoinTelegraph the report said.

Brazilian residents, time and time again show the trend of experimenting with the field of virtual digital assets.

In the May, Nubank, Brazil’s largest digital bank by market value, has begun offering Bitcoin and Ether to buy or sell on its platform. Nubank’s decision is motivated by the growing number of crypto investors there.

In a September report, Bitstamp said that 77% of the Brazilian population trusts digital assets.

In an effort to ensure the safety of crypto investors, the prosecutor’s office of the central-western Federal District of Brazil has launched a special investigative unit to prevent, probe and even solve the consequences of crypto crimes.

Be a part of it Cryptocurrency LawBrazil is focusing primarily on establishing relevant penalties and penalties for those who abuse cryptocurrencies for illegal activities such as money laundering, fraud, and other white-collar crimes.


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