Brazil’s central bank mandates reporting on self-custody transfers of $10,000 or more
Brazil’s central bank has turned every $10,000 crypto transfer touching a self-custody wallet into an automatic report to its financial intelligence unit, with no suspicion of wrongdoing required to trigger it. For institutional players in Latin America’s largest crypto market, the rule adds a fixed compliance cost to withdrawals that were previously invisible to regulators unless flagged as suspect.
- Resolution BCB 588 takes effect Oct. 1, requiring a Coaf filing for transfers worth $10,000 or more to or from self-custody wallets.
- Filing is automatic and due the next business day, triggered by amount and transaction type alone, not by any suspicion of wrongdoing.
- A second rule, Resolution BCB 584, adds a precautionary hold on qualifying outbound transfers starting Jan.
Get this in your inboxThe Crypto Coin Show newsletter covers the policy and market moves institutional crypto investors are pricing in.