Brazil to require reporting of self-custody wallet transfers over $10K

Brazil’s central bank will require the reporting of cryptocurrency transfers worth over $10,000 involving self-custody wallets, Bitcoin.com reported. The bank said the measure is intended to strengthen anti-money laundering and counter-terrorist financing oversight and address limited transaction data tied to wallets controlled directly by users. Under Central Bank Resolution 588, virtual asset service providers licensed in Brazil must report crypto transfers of more than $10,000 from or to self-custody wallets. Another resolution, No. 589, bans transactions with virtual asset service providers not licensed in Brazil. The rules are scheduled to take effect on Oct. 1.