In August 2022, the Receita Federal do Brasil (RFB), also known as the Federal Revenue of Brazil, released data on crypto declarations. The data revealed that there was a record of declarations by companies during this period. It registered over 12,000 companies in the country that declared crypto ownership on their balance sheets. The figure represents a 6.1 per cent increase from the 11,360 companies recorded in July. It is the highest recorded number of companies with crypto holdings to date.
Individual statements, on the other hand, slowed down in August compared to July. In August, 35,000 fewer statements than in July were recorded. However, crypto adoption in the country remains high. This is evident with over 1,300,000 people declaring that they have some form of crypto as part of their assets. The total value of declarations fell slightly in August. This was likely due to the state of the crypto markets, with a total of $2.1 billion (11 billion Brazilian reals). This was down from $3.4 billion in July.