Record Number of Brazilian Companies Bought Crypto in August

According to the South American country's tax authority, 12,053 companies reported purchasing crypto during the month.

By Paulo Alves

Oct 10, 2022 at 5:18 p.m. UTC

Updated Oct 10, 2022 at 6:12 p.m. UTC

Paulo Alves

Paulo Alves is a crypto editor at InfoMoney, a leading financial news publication in Brazil.

Follow @oalvespaulo on Twitter

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

For the first time in a single month, more than 12,000 Brazilian companies made crypto purchases in August, the South American country's tax authority, Receita Federal, has reported.

Receita Federal said that 12,053 companies declared crypto purchases in August, surpassing the previous record in June when 11,797 firms bought digital assets.

August figures are also five times higher than those of August 2019, when companies began reporting their crypto movements to the tax authority.

Receita Federal added that Brazilian companies collectively hold 10.9 billion Brazilian reals in crypto, equivalent to $2.1 billion.

This article was translated by Andrés Engler, and edited by CoinDesk. The original Portuguese can be found here.

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