Since the beginning of October, the Central Bank has demanded that Brazilian companies receiving foreign capital must declare cryptocurrencies to the Foreign Capital Information System of Foreign Direct Investment (SCE-IED). The objective is to give more transparency to international financial transactions, which brings even more control and lights a warning to business accounting.
“The argument is always to give more transparency to the movements, but in reality, the Central Bank always wants to have more control over financial operations. And this meets the obligation to identify the type of cryptocurrency in the statement of Income Tax”, says Luis Fernando Cabral, accountant specializing in accounting for investments, Trader's Accountant.The platform for the report is in the Central Bank because, since 2023, the Legal Framework of Cryptocurrencies has defined the agency as a regulator of the sector.
With this registration at the Central Bank, it is possible to monitor and control the flows of foreign capital entering Brazil from crypto assets, not only enabling statistics and information, but, above all, the crossing of data with the Federal Revenue and, consequently, greater rigor and control in the collection of taxes and tributes. “Agora, the accounting of companies will need to be even more attentive, so as not to miss some important data, remain without informing and still run the risk of penalties in possible inspections”, emphasizes Luis Fernando.
Before that, there was no procedure for registering this capital via crypto assets. In this way, investors, particularly entrepreneurs, did not register the entry of this type of capital. “In addition to solving an investment registration gap for the entrepreneur, the Central Bank at the same time provides a tool to the IRS that will allow cross-checking data and information at the time of the” statements, the expert points out.
