According to local media reports, the Brazilian tax authority Receita Federal do Brasil (RFB) is strengthening its supervision of cryptocurrency taxation.
The agency found irregularities in more than 25,000 tax returns of taxpayers who had at least 0.05 BTC in their wallets but did not disclose it.
It is estimated that at least 1.06 billion reais ($213 million) in BTC assets are not reported for tax purposes.
It is reported that according to Brazilian law, the above underreporting may be subject to a fine and imprisonment of 6 months to 2 years.
