Since the beginning of October, The Central Bank has begun to require that Brazilian companies receiving foreign capital mandatorily declare cryptocurrencies to the Foreign Capital Investment Information Reporting System (SCE-IED). The goal is to provide more transparency to international financial transactions, what brings even more control and raises a warning to business accounting
"The argument is always to provide more transparency to the movements", 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, highlights Luis Fernando Cabral, accountant specialized in investment accounting, from Trader's Accountant. The platform for the report is at the Central Bank because, since 2023, The Legal Framework for Cryptocurrencies defined the body as the 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, overcoat, the data cross-referencing with the Federal Revenue and, as a consequence, greater rigor and control in the collection of taxes and duties. "Now, the accounting of companies will need to be even more attentive, to avoid missing any important data, remain uninformed and still run the risk of penalties in possible inspections, highlights Luis Fernando
Before that, there was no procedure for registering this capital via crypto assets. In this way, the investors, particularly the entrepreneurs, they did not record the entry of this type of capital. "Besides filling a gap in investment registration for the entrepreneur", the Central Bank at the same time provides a tool to the Federal Revenue that will allow cross-referencing data and information at the time of declarations, highlights the specialist
