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#Stablecoins Account for 90% of Brazil's Crypto Transactions, Says Tax Authority

#Brazil's crypto market processes between $6 billion and $8 billion monthly, with stablecoins like $USDT and $USDC dominating up to 90% of reported transaction volume in some months. Flavio Correa Prado, auditor at Brazil's tax authority Receita Federal, disclosed the figures during a technical presentation at Blockchain Conference Brasil.

Monthly volume could climb to $9 billion by 2030 if current trends continue, Prado stated. The shift toward stablecoins represents a major change in Brazil's #crypto ecosystem, where $BTC once held the dominant position.

Receita Federal plans to replace its existing crypto reporting rule, known as IN 1.888, with a new system called DeCripto starting July 2025. The transition reflects regulatory adaptation to the scale and composition of crypto activity in the country.

DeCripto draws from the Crypto-Asset Reporting Framework developed by the OECD and adopted by over 60 countries. The international standard enables automatic exchange of tax information between jurisdictions, giving local authorities access to data on offshore cryptocurrency transactions.

#Exchanges will need to classify transactions into specific categories under the new rules. Required classifications include crypto-to-fiat trades, crypto-to-crypto swaps, retail payments exceeding $50,000, wallet transfers, and movements to unhosted #wallets.

Data collection under the framework begins in January 2026, several months before the July implementation date. The phased approach gives market participants time to adjust systems and processes to meet reporting requirements.