Brazil Slows Cryptocurrency Transfers Over $10,000 Amid Scam Concerns

Brazil's central bank has announced new anti-fraud rules aimed at curbing financial scams involving virtual assets. Starting next year, cryptocurrency transfers exceeding $10,000 to foreign firms or self-custody wallets will be delayed by up to 24 hours.

The measure is a response to the growing use of stablecoins and other cryptocurrencies in scams, allowing perpetrators to quickly move ill-gotten gains. The delay can be applied per transaction or based on a customer's total transfers in a single day.

The central bank emphasized that this rule is not an asset freeze and does not permanently block transfers. It will instead allow for closer scrutiny under risk-management policies.