Reading Time: < 1 minute

The Internal Revenue Service shows that Brazilians declared more than R$200 million in cryptoassets last year.

According to the data released by the agency, in total, Brazilians declared R$200,735.72 in digital currencies, with the volume of declared cryptoasset increasing expressively in 2021.

There was a 120% growth in the volume of digital currencies declared to the tax authorities compared to 2020, when about R$ 91 million in cryptoassets were declared by Brazilian investors.

September 2021 recorded the lowest monthly volume of cryptossets declared to the IRS. In total, the agency received R$12.3 million in income tax returns.

Meanwhile, the month of May 2021 represented the most significant monthly volume declared to the tax authorities over the last year. There were almost R$ 25 million in digital currencies declared.

In addition to the growth in declared volume, the IRS registered a significant increase in the number of Tax Payer ID numbers in the database. With more than 76 thousand new registered investors, the number of new users in the Brazilian crypto market increased by more than 100% between 2020 and 2021.

The balance sheet also brings data on the companies investing in cryptoassets in Brazil. While the growth in 2021 of individual investors was 100%, the increase in companies investing in the sector jumped 270% in the last year, with more than 5.5 million Federal Tax ID numbers declaring digital currencies to the IRS.