Brazil has something to cheer about amid the ongoing crypto bear market, registering record-high institutional adoption of crypto.
According to the Brazilian Tax Authority (RFB), the country saw a significant increase in the number of institutions registering crypto ownership in August.
According to RFB’s monthly data, there were 12,053 unique companies that held crypto asset on their books in the eighth month of the year as per CNPJ (Brazil’s federal regulator). Interestingly, the institutional crypto drive in August came close on the heels of the Brazilian authorities registering a record-high for individual crypto declarations in July 2022.
While Brazil had institutional players flooding the crypto market in August, the number of registrations for individuals remained below the record high achieved in July.
July saw crypto declarations worth Brazilian Real (BRL) 13,095.23 billion, showing a decrease compared to the month of June. However, the month of August continues to show a decline in the number of declarations, with BRL 11,036.04 billion declared in the period by cryptocurrency investors in Brazil. Yet, for individual investment in Brazil’s crypto sphere, the indicator remained high, with more than 1,300,000 individuals declaring they have some kind of crypto as part of their assets.
Meanwhile, the Brazilian law enforcement authorities unearthed an ongoing crypto scam. The Federal Police (PF) posted on its website that they had busted a billion-dollar crypto scam in the Latin American country.
While the details of the suspects were not disclosed, the police revealed that the probe began way back in January 2022. A US investigating agency had informed the Federal Police about an international money laundering conspiracy related to a crypto-asset investment pyramid scheme operating out of Curitiba in southern Brazil. Acting on the tip-off, the authorities began a rigorous investigation and zeroed in on the suspects, according to the statement from the police.