Brazil sets $10K self-custody crypto reporting rule
- Published
Brazil will begin requiring covered institutions to report self-custody crypto transfers of $10,000 or more to Coaf from October 1 under Resolution 588. A separate rule is set to tighten dealings with unauthorized crypto providers from November 6. The reporting threshold applies to transfers both into and out of self-custody wallets, and the limit is set at $10,000 or its equivalent in virtual assets.
Key claims & sources
What it means
People using self-custody wallets in Brazil will notice that transfers at or above the threshold now sit inside a reporting channel that did not apply in the same way before. Covered institutions will have to pass those transfers to Coaf starting October 1, and that affects users whose activity moves through those institutions.
In practice, the rule changes how large self-custody transfers are handled in reporting, because it applies to movements both into and out of self-custody wallets. The November 6 rule on unauthorized crypto providers leaves the basic wallet setup in place, but it adds another layer of restrictions around who institutions can deal with.
Market reaction i
Coverage timeline
Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.
Crypto News Flash
context