Federal Revenue Secretariat Normative Instruction No. 2,298 — Amending Federal Revenue Secretariat Normative Instruction No. 1,680 of December 28, 2016, Regarding Financial Account Identification Under the Common Reporting Standard (CRS)

Published in the Official Gazette of the Union on 12/26/2025, Section 1, page 48. Amends Federal Revenue Secretariat Normative Instruction No. 1,680, of December 28, 2016, which provides for the identification of financial accounts in compliance with the Common Reporting Standard (CRS).

The SPECIAL SECRETARY OF THE FEDERAL REVENUE OF BRAZIL, using the authority granted by Article 350, caput, item III, of the Internal Regulations of the Special Secretariat of the Federal Revenue of Brazil, approved by ME Ordinance No. 284, of July 27, 2020, and considering the provisions of Legislative Decree No. 105, of April 14, 2016, Decree No. 8,842, of August 29, 2016, the Multilateral Agreement of Competent Authorities on the Automatic Exchange of Financial Information, of October 21, 2016, and the Addendum to the Multilateral Agreement of Competent Authorities on the Automatic Exchange of Financial Information, of November 21, 2024, resolves:

Art. 1. Federal Revenue Secretariat Normative Instruction No. 1,680, of December 28, 2016, to update Brazilian legislation to the most recent version of the Common Reporting Standard approved by the Organisation for Economic Co-operation and Development, shall enter into force with the following amendments:

"Art. 4. .........................................................................................................
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V - in the case of any deposit account, the total gross amount of interest paid or credited to the account during the calendar year or other period established for the reporting of information; VI - in the case of any other account not described in items IV and V, the total gross amount paid or credited to its holder in relation to it, during the calendar year or other period established for the reporting of information in relation to which the declarant financial institution is the obligated party or debtor, including the aggregated amount of all redemption payments made to the account holder during the calendar year or other appropriate period for the reporting of information; and VII - in the case of any interest held in an investment entity that is a legal arrangement, the capacities by virtue of which the reportable person is the holder of the interest.

Sole Paragraph. Without prejudice to the provisions of item IV, letter 'b', of the caput, the gross proceeds from the sale or redemption of a financial asset do not need to be reported if declared by the declarant financial institution as provided in Federal Revenue Secretariat Normative Instruction No. 2,291, of November 14, 2025."

Art. 2. The Sole Annex of Federal Revenue Secretariat Normative Instruction No. 1,680, of December 28, 2016, shall enter into force with the following amendments:

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b) determining the controlling persons of the account holder. For the purpose of determining the controlling persons of the account holder, the declarant financial institution may rely on the information collected and maintained in compliance with AML/KYC procedures, provided that such procedures are consistent with the 2012 Recommendations of the Financial Action Task Force - FATF. A declarant financial institution that is not legally required to apply AML/KYC procedures consistent with the 2012 FATF Recommendations shall apply substantially similar procedures to determine the controlling persons; ..................................................................................................................." (NR)

"Section VI ...........................................................................................................
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A-A. Temporary failure to obtain a self-certification. In exceptional circumstances where a declarant financial institution is unable to obtain a self-certification regarding a new account in time to fulfill its diligence and reporting obligations regarding the period declared during which the account was opened, the declarant financial institution must apply diligence procedures for pre-existing accounts until the said self-certification is obtained and validated. ......................................................................................................................" (NR)

"Section VII ............................................................................................................
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5. The term "Deposit Institution" means any entity that:
a) accepts deposits in the context of banking activity or similar business; or b) holds specific electronic currency products or central bank digital currencies for the benefit of its customers.

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   a) .........................................................................................................................
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   iii) any other form of investment, administration, or management, on behalf of third parties, of financial assets, cash, or declarable cryptoassets, as defined in Federal Revenue Secretariat Normative Instruction No. 2,291, of November 14, 2025; or b) whose gross revenue primarily attributed to investments, reinvestments, or trading of financial assets or declarable cryptoassets, as defined in Federal Revenue Secretariat Normative Instruction No. 2,291, of November 14, 2025, if the entity is administered by another entity that is a deposit institution, a custodian institution, a specific insurance company, or an investment entity described in sub-paragraph A(6)(a).

An entity is considered to have as its main business one or more of the activities described in paragraph A(6)(a) or the gross revenue of an entity is primarily attributed to investments, reinvestments, or trading of financial assets or declarable cryptoassets, as defined in Federal Revenue Secretariat Normative Instruction No. 2,291, of November 14, 2025, for the purposes of sub-paragraph A(6)(b), if the gross revenue of the entity attributable to the relevant activities is equal to or greater than 50% (fifty percent) of the gross revenue of the entity among the shorter of:
(i) a three-year period ending on December 31 of the year prior to the year in which the determination was made; or (ii) the period during which the entity has existed.

For the purposes of sub-paragraph A(6)(a)(iii), the term "any other form of investment, administration, or management on behalf of third parties of financial assets, cash, or declarable cryptoassets" does not include the provision of services for or on behalf of clients intended to effect purchases and sales or exchanges of declarable cryptoassets.

The term "investment entity" does not include an entity that is an active ENF by meeting any of the criteria found in sub-paragraphs D(9)(d) to (g).
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7. The term "Financial Asset" includes securities (for example, shares of a corporation; interest or the position of a beneficial owner in a shareholding or trust; notes, bonds, debentures, or other evidences of indebtedness), participation contracts, commodities, swap (for example, interest rate swaps, currency swaps, basis swaps, interest rate caps and floors, commodity swaps, equity swaps, equity index swaps, and similar agreements), insurance contract or annuity contract, or any type of income (including futures, forwards, or options) in securities, declarable cryptoassets, as defined in Federal Revenue Secretariat Normative Instruction No. 2,291, of November 14, 2025, participation income, commodities, swaps, insurance contract, or annuity contract.

The term "financial asset" does not include direct rights over real estate not representing debts.
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9. The term "Specific Electronic Currency Product" means any product that is:
   a) a digital representation of a single fiat currency; b) issued upon receipt of funds for the purpose of carrying out payment operations; c) represented by a credit against the issuer denominated in the same fiat currency; d) accepted in payment by a natural or legal person who is not the issuer; and e) redeemable at any time and at nominal value for the same fiat currency upon request by the holder of the product, due to regulatory requirements to which the issuer is subject.

The term "Specific Electronic Currency Product" (electronic currency) does not include the product created with the sole purpose of facilitating the transfer of funds from one customer to another person according to the customer's instructions. A product will not be considered created for the mentioned purpose if, in the normal course of business of the transferring Entity, the funds related to the said product are held for more than sixty days after receiving the instructions to facilitate the transfer or, if no instructions are received, the funds related to the said product are held for more than sixty days after receiving the funds.

10. The term "Central Bank Digital Currency" means any digital fiat currency issued by a central bank.

11. The term "Fiat Currency" means the official currency of a jurisdiction, issued by that jurisdiction or by the central bank or monetary authority designated by that jurisdiction, represented by physical notes or coins or by currency in different digital forms, including bank reserves and central bank digital currencies. The term also includes commercial bank currency and electronic currency products, (including specific electronic currency products).

12. The term "Cryptoasset" means the digital representation of a value or a right that can be transferred and stored electronically using cryptography and distributed ledger technology or similar technology.

13. The term "Declarable Cryptoasset" means the cryptoasset that is not a central bank digital currency or specific electronic currency product, or for which the cryptoasset service provider has appropriately determined that it cannot be used for payment or investment purposes.

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   a) a government entity, international organization, or Central Bank, except with respect to:
   i) a payment that is derived from an obligation performed in connection with commercial financial activity of the type practiced by a specific insurance company, custodian institution, or deposit institution; or ii) the activity of holding central bank digital currency for account holders that are not financial institutions, government entities, international organizations, or central banks.
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2. The term "Reportable Person" means a person from a reporting jurisdiction that is not:
   (i) an entity whose shares are regularly traded on one or more established securities markets; (ii) any entity that is a related entity of an entity described in clause (i); (iii) a government entity; (iv) an international organization; (v) central bank; or (vi) a financial institution.
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Art. 3. This Normative Instruction enters into force on the date of its publication in the Official Gazette of the Union and produces effects from January 1, 2026.

ROBINSON SAKIYAMA BARREIRINHAS