According to the information that the Brazilian Federal Tax Agency (RFB) released, the number of companies buying Bitcoin and crypto in Brazil has increased again, this time to over 45,000.
- The newly recorded number of companies that have adopted cryptocurrency operations in Brazil is 45,486.
- The volume of statements in November 2022 is the lowest since December 2020.
The Number of Companies Associating with Cryptocurrency Activities As of November 2022 in Brazil
According to the RFB, the record of company declarations has gone up month by month, and as of Monday, 2nd, 2023, the number had risen to over 45,000 companies. Therefore, it is evident that crypto adoption in Brazil keeps growing, even as the volume traded in the nation drops.
Since April 2022, when figures of unique CBPJs reporting their cryptocurrency operations to the Federal Revenue went past the 30,000 distinctive registration mark, Brazil has followed the rise in investment by firms.
The most recent data, from November 2022, indicates that the going up in investment continues to develop, trying to unify over 40,000 unique records. The newly recorded number of companies that have adopted cryptocurrency operations in Brazil is 45,486, indicating that interest in the industry is still high.
Even so, the number of CPFs, representing people has declined, resulting in 1,163,663 returns sent throughout November. Since July 2022, this has been the lowest value.
Notably, world markets reacted to the FTX collapse in November 2022. FTX also operated in Brazil, and its collapse left several losses behind, affecting the number of statements sent.
The November 2022 Volume of Statements
Another piece of information published by the Federal Revenue about the cryptocurrency market in November 2022 is the number of statements.
The declaration volume is lower than ever since December 2020, when Brazilians announced BRL 10,540 million in their investing activities.
In November 2022, everything shows that the use of brokers in Brazil was lower than in all the other months. However, it is unclear whether the collapse of the most significant market broker, FTX, instilled fear and confusion in other brokers, causing the evident decline in November 2022, brought about by investors withdrawing from the brokers after the FTX collapse.
Closing Thoughts
Jair Bolsonaro, The Brazilian president, incorporated into the law the nation’s first cryptocurrency structure, with rules for brokerages that give crypto and the usage of crypto in the country.
According to the bill’s rapporteurs, the Central Bank was responsible for overseeing and regulating the new framework. The first that offered crypto had at least six months to adapt after the nation accepted cryptocurrency.
This decision boosted Brazil’s domestic crypto market. As the director of government relations at 2TM, Julien Dutra testified of this when he said that the crypto regulation“was something we all wanted, not only the crypto industry but investors as well.” 2TM is a holding firm that owns Mercado Bitcoin brokerage.
The crypto adoption in Brazil has continued to increase since its incorporation into the nation’s law. Per the current RFB data, 45,000 firms in Brazil participate in cryptocurrency activities and have bought bitcoin.
