Brazilian tax authorities have discovered multiple cases of non-compliance in the declaration of cryptocurrency assets, involving a total of $213 million.

According to BlockBeats news on February 6th, the Brazilian tax authority Receita Federal do Brasil (RFB) is strengthening its regulation of cryptocurrency taxation. The agency has discovered violations in the tax declarations of more than 25,000 taxpayers who have at least 0.05 BTC in their wallets but have not disclosed it. It is estimated that at least 1.06 billion Brazilian real (213 million US dollars) worth of BTC assets have not been reported for taxation. According to Brazilian law, the above-mentioned underreporting behavior may result in fines and imprisonment for 6 months to 2 years. (Bitcoin.com)