Reading Time: < 1 minute

The crypto revolution make many enthusiasts around the world and the Brazilians also want to enjoy this party. Brazil recently begun to give the first steps to regulate their internal crypto market. However, the economic revolution started by this technology seem that shall hit the country in the coming years.

A recent study conducted by BDCenter places Brazil as the sixth largest volume of traders. This great potential has attracted companies that seek Brazilian professionals to work developing crypto technology. In addition, some Brazilian groups have also developed business related to the crypto market. That’s the case of Transfero, a company formed by Brazilians and based in the Crypto Valley in Zuk, Switzerland.

Brazilian regulation has also advanced, although it’s far away from process of countries like Japan. Recently the Brazilian Internal Revenue Service, named Receita Federal do Brasil, opened a public consultation that allowed to open a dialogue between the government and the companies. However, recent conflicts between banks and exchanges show that this process must occur as soon as possible.

The future of cryptos in Brazil

Brazil has no history of world pioneering when it comes to innovation, whether technological or legislative. However, crypto technology is already in the advanced process of integration into the financial market in several countries. While Brazil discusses regulatory processes and government recognition of cryptocurrency, other countries already consider accepting them to pay taxes. Therefore, it is inevitable that the crypto wave will hit Brazil sooner or later.