Brazil's Central Bank Slows Down Crypto Transfers Over $10,000

Brazil's Central Bank Introduces New Rule for Crypto Transfers

The Central Bank of Brazil (BCB) has introduced a new rule that will require covered crypto service providers to delay certain transfers for 24 hours as a precaution against fraud.

The rule, known as Resolution 584, applies to transfers exceeding $10,000, whether in a single transaction or across the customer's total transactions on the same day. It covers transfers to foreign entities that operate in the virtual asset market and to self-custody wallets.

The resolution describes the retention as an exclusively precautionary measure intended to allow institutions to assess transaction risk. After completing the risk assessment, institutions must either immediately release the transfer once the 24-hour period expires or reject the transaction.