As reported by Coindesk, Brazil’s crypto market is moving between $6 billion and $8 billion per month, with stablecoins like USDT and USDC accounting for up to 90% of reported transactions. Flavio Correa Prado, an auditor at Brazil’s tax authority, Receita Federal, revealed the figures during a presentation at the Blockchain Conference Brasil. If current trends continue, the monthly volume could reach $9 billion by 2030. In response, Brazil is set to replace its current crypto reporting rule with DeCripto, a system based on the OECD’s Crypto-Asset Reporting Framework, starting in July 2025. Data collection under the new rules will begin in January 2025, requiring exchanges to classify various types of transactions. These changes coincide with Brazil’s central bank introducing its most extensive set of crypto regulations to date, including licensing requirements and capital mandates for crypto service providers.
Stablecoins Drive 90% of Brazil's Crypto Volume, Tax Authority Data Shows
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