Brazil Slaps 24-Hour Hold on Crypto Transfers Over $10K
The Central Bank of Brazil has implemented a new resolution to curb financial fraud in the country's cryptocurrency market. Resolution 584 of 2026, which becomes effective on January 1, 2027, includes a precautionary 24-hour retention period for transactions exceeding $10,000 per day.
This measure aims to give virtual asset service providers (VASPs) time to evaluate and apply risk policies to high-value transfers. The bank stressed that these retentions are preventive in nature and allow VASPs to conduct thorough risk analyses of large transactions.
National crypto organizations, including Abcrypto, have criticized the new rules, arguing that they will harm legitimate users who rely on rapid cryptocurrency transfers as an alternative to the traditional financial system. Abcrypto claims that this measure will not affect illicit usage patterns and will instead hinder institutions using cryptocurrencies for secure and efficient transactions.