How to report BTC and cryptocurrencies on your income tax return?
For some enthusiasts, the filing and taxation of crypto assets may seem counterintuitive tasks: after all, if cryptos are decentralized assets, why should they be registered with public authorities?
Still, it is important to understand that, to abide by the law, it is essential to know and comply with the rules imposed by the Federal Revenue Service. This prevents penalties and ensures a hassle-free experience.
That is why OKX has prepared a guide with the basic information you need to know about filing and paying taxes on cryptocurrencies.
How to find your trading data at OKX?
OKX provides detailed monthly statements, helping you track your transactions and calculate capital gains more easily. Currently, it is not possible to select multiple periods at once, but you can download statements month by month. If you have difficulties with this, feel free to ask in the official community or contact support at support@okx.com.
To find the data:
On the web
Go to Assets > Order Center
Here, you can find your Trading History and Account Statement
Both tools allow you to select a viewing period
Select Download to download the data
On the app
Select Portfolio
Click on Transactions (icon in the upper right corner)
Click on Download (upper right corner)
Click on Period and select the date range
Download your transaction history
Income Report
Starting from the 2024 calendar year, OKX has begun providing an Income Report for its users. This document shows the position of your assets as of December 31, along with the average acquisition cost of each one.
The goal is to facilitate filling out the Assets and Rights section in your Personal Income Tax Return (IRPF), making the process simpler and more transparent.
To access the document:
On the web
Hover over Assets in the upper right corner.
Click on the first option My Assets.
Click on Tax Center in the top submenu.
Click PDF to download the report.
On the app
Go to the main settings menu by selecting the icon in the upper left corner.
Scroll down to the More section and select Tax Center.
Click the icon to download the report in PDF.
Declaring Crypto Assets in the Income Tax Return
If you held crypto assets on December 31, 2024, with an acquisition cost equal to or greater than R$5,000, you are required to file them in your Annual Income Tax Return. The filing must be made in the Assets and Rights section, under Group 08 – Crypto Assets, using the following codes:
81: Bitcoin (BTC)
82: Other cryptocurrencies (Altcoins)
83: Stablecoins
88: Non-fungible tokens (NFTs)
89: Other tokens
Filing means informing the Federal Revenue Service about the possession of these assets as of December 31, regardless of whether they were sold during the year.
Capital Gains Taxation
Simply holding crypto assets does not incur in taxation. Taxation will be applied to capital gains obtained from the sale or exchange of these assets when the total sales in the month exceed R$35,000. The applicable rates are progressive, based on the profit obtained:
Up to R$5 million: 15%
From R$5 million to R$10 million: 17.5%
From R$10 million to R$30 million: 20%
Above R$30 million: 22.5%
The tax payment must be made by the last business day of the following month after the transaction that generated the gain, using a Federal Revenue Collection Document (DARF) under revenue code 4600.
Conversion of Values and Documentation
For filing purposes, transaction values must be converted to Brazilian reais, using the PTAX exchange rate of the Central Bank on the date of the transaction. It is essential to keep detailed records of all transactions, including purchase and sale receipts, for potential verification by the Federal Revenue Service.
Obligations of Exchanges and Users
Cryptocurrency exchanges based in Brazil, like OKX, are required to report all transactions made by their clients monthly to the Federal Revenue Service, in accordance with Normative Instruction RFB No. 1888/19. However, even if the exchange already reports the transactions, the responsibility for proper filing and payment of taxes remains with the investor. Therefore, it is crucial for users to track their transactions and fulfil their tax obligations correctly.
Penalties for Non-Compliance
Failing to file or incorrectly declaring crypto assets may result in fines and other penalties. To avoid future issues, it is advisable to seek guidance from an accountant or a crypto taxation specialist, ensuring compliance with tax obligations according to current regulations.
This guide aims to provide a general overview of the declaration and taxation of crypto assets in Brazil for 2025. Due to regulatory complexities and potential updates, it is recommended to stay informed and regularly consult specialized professionals.