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Brazil to require reporting for $10,000 crypto self-custody transfers

Regulated institutions must file to Coaf by the next business day when a transfer to or from a user-controlled wallet meets the $10,000 threshold.

Reported · Written up by our desk · Regulation

Brazil will require regulated financial institutions to report large cryptocurrency transfers that involve self-custody wallets starting Oct. 1, according to CryptoSlate.

Under Resolution BCB 588, institutions authorized by the Banco Central do Brasil must notify the Financial Activities Control Council, Coaf, when they send virtual assets worth at least $10,000 to a user-controlled wallet or receive the same amount from one.

The rule applies to both deposits to and withdrawals from wallets controlled directly by users, and the reporting obligation sits with the institution processing the transfer.

CryptoSlate notes the reporting trigger is automatic, meaning institutions do not need to judge whether a transaction is suspicious, though Brazil already requires separate suspicious-activity reporting under its anti-money-laundering framework.

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