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 Brazilian fintech app PicPayI am confident that the launch of the cryptocurrency platform will allow more than 65 million service users to carry out transactions with crypto assets without leaving the application.

“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 product on the Brazilian cryptocurrency market will be our own exchange, which will act as a broker for everyone who wants to invest in cryptocurrencies through PicPay. The user will be able to perform all operations through the application with a very simple, practical and secure interface,” assured Anderson Chamon, vice president of technology and products at PicPay.

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Chamon hopes that, as the largest paymentBrazil app, 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, Brazilian tax authorities announced thatResidents of the country who carry out transactions with cryptocurrencies will be required to pay tax on income, regardless of the conversion of digital assets into fiat ones. Thus, Brazilian tax authorities have obliged all citizens of the country to pay tax on income from any cryptocurrency exchange.