Brazil's central bank has introduced a rule requiring covered crypto service providers to delay certain transfers for 24 hours as a precaution against fraud. The Central Bank of Brazil (BCB) published Resolution 584 on Friday, amending existing fraud-prevention rules for payment services to also cover virtual asset services.
The 24-hour transfer delay applies to transfers exceeding this amount, whether in a single transaction or across total daily transactions.
The requirement covers transfers to foreign entities operating in the virtual asset market and to self-custody wallets. The rule takes effect on January 1, 2027.
The new rules cover virtual assets referenced to fiat currencies, such as stablecoins. The resolution describes the 24-hour retention as an exclusively precautionary measure intended to allow institutions to assess transaction risk, and it does not result in permanent unavailability of assets.
Institutions must notify affected customers of the hold and its 24-hour period. After completing the risk assessment, institutions must either immediately release the transfer once the 24-hour period expires or reject the transaction, and may release the funds before the deadline only if they make and document a reasoned decision based on specified risk-management criteria.
The resolution requires covered institutions to maintain daily records of fraud and attempted fraud involving payment and virtual asset services, including corrective measures adopted. The Central Bank of Brazil can require institutions to observe a period longer than 24 hours, extend the procedure to transactions below the $10,000 threshold, and restrict early release of transfers when it identifies noncompliance with the resolution.
