Since the beginning of October, the Central Bank has required Brazilian companies receiving foreign capital to obligatorily declare cryptocurrencies to the Foreign Investment Capital Information System (SCE-IED). The goal is to increase transparency in international financial transactions, which brings even more control and raises an alert to corporate accounting.
"The argument is always about increasing transparency of transactions, but in reality, the Central Bank always wants to have more control over financial operations. And this aligns with the requirement to identify the type of cryptocurrency in the Income Tax declaration," emphasizes Luis Fernando Cabral, an accountant specializing in investment accounting at Contador do Trader. The platform for the report is at the Central Bank because, since 2023, the Legal Framework for Cryptocurrencies has designated the agency as the sector's regulator.
With this registration at the Central Bank, it is possible to monitor and control the flows of foreign capital entering Brazil through cryptocurrencies, not only enabling statistics and information but, above all, cross-referencing data with the Federal Revenue Service and, consequently, ensuring greater rigor and control in the collection of taxes and levies. "Now, company accounting will need to be even more attentive, so as not to overlook any important data, fail to report it, 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 record the entry of this type of capital. "In addition to filling a gap in investment registration for entrepreneurs, the Central Bank also provides the Federal Revenue Service with a tool that will allow data and information cross-referencing at the time of declarations," emphasizes the specialist.
