July 27, 2023
During the first quarter of 2023, Brazil, one of the region's leading drivers for crypto adoption, witnessed record numbers of businesses and individuals adopting crypto.
According to recent data from the Brazilian Federal Revenue Service, the number of unique individuals trading cryptocurrencies hit a record high of 1.6 million in March 2023. The total volume declared for the first quarter of 2023 was BRL 47.151 billion, a 21% increase from the previous year's period. Most of this volume was traded on national exchanges, representing 80.8% of the total declared volume.
While still representing less than 20% of total trading volume, there has been a year-over-year increase in the participation of women in the crypto market. In the first quarter of 2023, women traded BRL 6.87 billion, representing 14.57% of the total volume in Brazil. The increase is 28.4% from the BRL 5.35 billion traded by female investors in the same period of 2022, which accounted for 13.73% of the total volume traded during that period.
Crypto adoption has been growing at a steady pace among Brazilian companies as well. In the first quarter of 2023, there was a 26% increase in unique companies trading crypto assets, totaling 61,257 businesses. The number of businesses that declared trading crypto in the same period last year was 48,689.
Brazil's accelerated pace for crypto adoption shows no signs of slowing down. With a large population increasingly embracing digital assets and a growing number of businesses integrating crypto into their operations, Brazil's crypto journey shall continue to reach new heights. As the crypto regulation progresses, the country's position in the global crypto market will undoubtedly become more prominent, promising exciting prospects for both investors and businesses.