The international payment system Mastercard has signed an agreement with the Brazilian company Mercado Libre on a commitment to increase the security and transparency of the crypto ecosystem of this online store.
As follows from the joint statement of the parties, Mercado Libre will introduce Mastercard CipherTrace technology, which will automatically monitor compliance with the requirements of AML procedures (anti-money laundering) when calculating crypto assets. Thus, Mercado Libre will be able to minimize financial risks, and will also receive a tool for managing its own obligations to the law.
Brazilian regulators are closely monitoring the development of the crypto industry in the country and intend to track all transactions with crypto assets. Recently, the Brazilian tax authorities obliged the citizens of the country to pay tax on income from any exchange of cryptocurrencies, regardless of whether it was an exchange of one crypto asset for another, or a crypto asset for fiat currency. Foreign exchange transactions in excess of 35,000 reais ($7,250) per month are subject to taxation.
