Brazil's central bank, starting in the new year, will require crypto firms to wait 24 hours after customers fund their accounts to process transfers to self-custody wallets or offshore crypto firms, according to a resolution published Friday.
Under the resolution, the requirement applies when a single transaction or the sum of a customer's daily transactions exceeds $10,000.
Smaller transactions that are flagged by providers must also be held, although any held transaction can be released following a documented review by the crypto firm.
Providers must consider the risk profile of the customer, the transaction or service, the counterparty to the transfer, and the jurisdiction where the recipient is based.
The central bank described the hold as an exclusively precautionary measure designed to give providers time to assess fraud risk without permanently freezing customer assets.
