Brazil Cracks Down on Crypto Scams with Delayed Transfer Rule
Brazil's central bank has introduced new anti-fraud rules for cryptocurrency transfers. The move aims to curb financial scams by delaying certain transactions. Specifically, transfers over $10,000 sent to foreign virtual-asset firms or self-custody wallets will be delayed by up to 24 hours.
The rule applies whether the threshold is measured per transaction or by a customer's total transfers in a single day. The central bank also reserves the right to delay other transactions that require closer scrutiny under risk-management policies.
According to Andre Romani of Reuters, this measure is not an asset freeze and does not permanently block transfers. It rather aims to give financial institutions more time to verify the legitimacy of transactions and prevent potential scams.