Brazil Introduces New Rules for Cryptocurrency Transfers

The Central Bank of Brazil is introducing new rules for cryptocurrency transfers in the country. Large transactions over $10,000 may be delayed for up to 24 hours for additional checks if the funds are sent to foreign platforms or self-custody wallets.

This change aims to combat fraudulent schemes involving virtual assets, including stablecoins. The regulator is introducing temporary checks on individual crypto transfers over $10,000 and daily series of transactions.

The new procedure will apply to financial organizations and crypto platforms, which will be able to suspend a transaction for up to 24 hours if the following are subject to review:

A single transfer over $10,000. Total daily transfers if the combined amount exceeds $10,000. Transfers to foreign platforms or self-custody wallets.