Foreign media: Brazilian tax rules crack down on crypto trading, forcing trading platforms Acesso Bitcoin and Latoex to close

Tax regulations that were implemented before special legislation hit Brazilian cryptocurrency exchanges. Digital asset brokers who fail to comply with the new reporting requirements will face fines, while stricter regulations are harming smaller trading platforms. These platforms are closing due to declining transaction volumes. One of the affected exchanges, Acesso Bitcoin, pointed out that the status quo caused by the new regulations was the main reason for its decision to withdraw. Latoex, another cryptocurrency exchange, shut down due to difficulties in meeting new requirements from tax authorities. Latoex is currently considering selling its assets to other companies and returning the remaining funds to customers. Latoex also sought to reverse the suspension order issued by the Brazilian Securities and Exchange Commission (CVM). CVM has threatened to fine him 100,000 riyals ($ 23,000) if the company fails to comply with its decision.