Brazil tightens crypto transfers to curb fraud

/ AI & ML, Business News, Key Business News, Latest News / By Editor's Desk

SAO PAULO, Aug 7 (Reuters) – Brazil’s central bank said on Friday that some cryptocurrency transfers will ‌have to be delayed by up to 24 hours under new anti-fraud rules.

The central bank said the move reflects the growing use ⁠of virtual assets, including stablecoins, to quickly move money obtained through financial scams.
The rule, which takes effect next year, applies to transfers over $10,000 sent to foreign virtual-asset firms or to self-custody wallets.
The threshold ‌can ⁠be measured per transaction or by a customer’s total transfers in a single day.
The central bank said the ⁠delay could also apply to other transactions that require closer scrutiny under ⁠risk-management policies.
It added that the measure is not an asset ⁠freeze and does not permanently block transfers.