As cryptocurrency adoption continues to grow worldwide, tax authorities are increasingly focused on ensuring compliance from digital asset holders. For many investors, especially in Brazil, understanding how to properly report Bitcoin (BTC) and other cryptocurrencies on their annual income tax return is no longer optional—it’s a legal obligation.
This comprehensive guide breaks down everything you need to know about declaring crypto assets, calculating capital gains, and meeting your tax responsibilities in alignment with the Brazilian Federal Revenue Service regulations for the 2025 tax year.
Understanding Your Tax Obligations for Crypto Assets
Despite the decentralized nature of cryptocurrencies, they are not exempt from taxation. In Brazil, the Federal Revenue Service treats digital assets as taxable property. Whether you're holding Bitcoin, trading altcoins, or investing in stablecoins and NFTs, you must comply with reporting requirements to avoid penalties.
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Failing to report can lead to fines, audits, or legal consequences—even if your exchange already submits data. While platforms like OKX are required to report user transactions monthly under Normative Instruction RFB No. 1888/19, the ultimate responsibility lies with the individual investor.
When Are You Required to File?
If, on December 31, 2024, you held any crypto assets with an acquisition cost equal to or greater than R$5,000, you are obligated to declare them in your Personal Income Tax Return (IRPF).
This applies regardless of whether you sold any assets during the year. Simply owning qualifying digital assets triggers the reporting requirement.
The declaration must be made in the Assets and Rights section of your return, under Group 08 – Crypto Assets, using the appropriate classification codes:
- 81: Bitcoin (BTC)
- 82: Other cryptocurrencies (Altcoins)
- 83: Stablecoins
- 88: Non-fungible tokens (NFTs)
- 89: Other tokens
Accurate valuation and record-keeping are essential. All values must be converted into Brazilian reais (BRL) using the PTAX exchange rate published by the Central Bank on the transaction date.
How to Gather Your Transaction Data from OKX
To file accurately, you need detailed records of all your crypto activity. OKX simplifies this process by offering downloadable transaction histories and specialized tax documents.
Accessing Your Data on Web
- Log in and navigate to Assets > Order Center
- Review your Trading History or Account Statement
- Select your desired time period
- Click Download to export the data in CSV format
Using the Mobile App
- Open the app and go to Portfolio
- Tap the Transactions icon (top right)
- Choose Download
- Set your Period and date range
- Export your full transaction history
Starting in 2024, OKX also provides an Income Report, which shows your asset balances as of December 31 along with average acquisition costs—perfect for filling out the Assets and Rights section.
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How to Download Your Income Report
On Web:
- Hover over Assets in the top menu
- Click My Assets
- Go to Tax Center
- Select PDF to download
On Mobile App:
- Tap the menu icon (top left)
- Scroll to More > Tax Center
- Download the report in PDF format
This document is designed specifically for Brazilian taxpayers and streamlines compliance with IRPF requirements.
Reporting Capital Gains from Crypto Sales
Holding crypto does not trigger taxation—but selling or exchanging it does, under certain conditions.
You are required to pay capital gains tax when:
- You sell or trade crypto assets
- Total monthly sales exceed R$35,000
Tax rates are progressive based on monthly profit:
| Profit Range (BRL) | Tax Rate |
|---|---|
| Up to R$5 million | 15% |
| R$5M – R$10M | 17.5% |
| R$10M – R$30M | 20% |
| Above R$30 million | 22.5% |
Taxes must be paid by the last business day of the following month via a DARF (Federal Revenue Collection Document), using revenue code 4600.
It's crucial to calculate gains correctly: subtract the acquisition cost (including fees) from the sale value, convert both amounts using the PTAX rate on their respective dates, then apply the applicable rate.
Key Documentation and Record-Keeping
The Federal Revenue Service may request verification of your transactions at any time. Therefore, maintaining organized records is vital.
Keep the following:
- Complete transaction history (buy/sell orders)
- Screenshots or PDFs of trade confirmations
- Exchange-generated statements and tax reports
- Records of wallet transfers (if applicable)
- Conversion rates used for each transaction
These documents support your declared values and protect you in case of audit.
Frequently Asked Questions (FAQ)
Q: Do I need to report crypto if I didn’t sell anything?
A: Yes—if your total holdings were worth R$5,000 or more on December 31, you must report them in the Assets and Rights section of your tax return.
Q: What happens if I miss the tax deadline for capital gains?
A: Late payments incur interest and potential fines. It's important to file and pay taxes by the last business day of the month following the sale.
Q: Can I use my exchange’s report instead of filing myself?
A: No. Even though exchanges like OKX report to the Federal Revenue Service, you are still legally responsible for accurate self-reporting and tax payment.
Q: Are NFTs taxable in Brazil?
A: Yes. NFTs fall under Group 08 – Crypto Assets and use code 88. They must be reported if they meet the R$5,000 threshold.
Q: How is the PTAX exchange rate used?
A: Use the official PTAX rate from the Central Bank on the exact date of each transaction to convert cryptocurrency values into BRL.
Q: Is staking or mining income taxable?
A: While current guidance focuses on capital gains from trading, newly acquired assets through staking or mining may be subject to future reporting rules. Consult a tax professional for personalized advice.
Avoiding Penalties and Staying Compliant
Non-compliance—including underreporting, late filing, or omitting assets—can result in financial penalties and increased scrutiny from tax authorities.
To minimize risk:
- Use accurate data from trusted sources like OKX
- Double-check all conversions and calculations
- File on time and keep records for at least five years
- Work with a qualified accountant familiar with crypto taxation
Regulations evolve rapidly. Staying informed ensures long-term compliance and peace of mind.
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Final Thoughts
Reporting Bitcoin and other cryptocurrencies on your income tax return doesn’t have to be complicated. With proper planning, reliable data, and a clear understanding of Brazilian tax rules, you can meet your obligations confidently.
By leveraging tools like OKX’s monthly statements and year-end Income Report, you gain transparency and accuracy in tracking your digital wealth. Remember: decentralization doesn’t mean deregulation—responsible investing includes responsible taxation.
Stay informed, keep detailed records, and prepare early to make your 2025 tax filing smooth, accurate, and penalty-free.
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