Brazil Tax Authority Sees Record Registrations With Companies Holding Crypto

More Brazilian companies are adopting cryptocurrencies as the country registered the highest number of institutional crypto ownership in August.The Brazilian Tax Authority reported that it registered more than 12,000 companies in the country that declared they owned cryptocurrency on their balance sheet. This is an increase from the 11,360 companies that declared in July. The numbers come from the mandatory monthly report from the RFB on the ownership of cryptocurrencies which gives an idea of the market direction. Notably, USDT is the major cryptocurrency in use in the country. In terms of transaction volume, the dollar-pegged stablecoin saw the biggest volume among all digital assets. The total value of USDT transactions in august was over $1.4 billion.