Brazil's Largest Payment Service Launches Cryptocurrency Exchange

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The PicPay payment service, which works similarly to PayPal or Cash App, opens an internal platform for trading crypto assets.

The team behind PicPay, a Brazilian fintech app, is confident that the launch of the cryptocurrency platform will allow more than 65 million users of the service to make transactions with crypto assets without leaving the app.

“PicPay enters the cryptocurrency market topopularize it not only as an investment, but also as a way to decentralize payments and other financial services. Our new addition to the Brazilian cryptocurrency market will be our own exchange, which will act as a broker for anyone who wants to invest in cryptocurrencies through PicPay. The user will be able to perform all transactions through the application with a very simple, practical and secure interface,” said PicPay Vice President of Technology and Products Anderson Chamon.

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Chamon hopes that, as the largest paymentapplication of Brazil, PicPay will be able to attract the attention of millions of new users to invest in crypto assets. Users will have access to educational materials and will be able to expand their knowledge in this sector of finance.

In May, the Brazilian tax authorities announced thatresidents of the country performing transactions with cryptocurrencies will be required to pay income tax, regardless of the conversion of digital assets into fiat. Thus, the Brazilian tax authorities have obliged all citizens of the country to pay tax on income from any cryptocurrency exchange.