Brazil Cracks Down on Self-Custody Crypto with New Reporting Rule

Brazil's government is cracking down on self-custody cryptocurrency transactions by implementing a $10,000 reporting rule and a mandatory 24-hour transfer delay.

The move aims to monitor and regulate large-scale transfers of cryptocurrencies like Bitcoin (BTC).

This new policy will affect individuals who make or receive transfers exceeding $10,000 in value within a 24-hour period. The transfer will be delayed for 24 hours before being processed, giving regulators time to review the transaction.

The goal of this regulation is reportedly to prevent money laundering and other illicit activities involving cryptocurrencies.