Brazil’s central bank will require virtual asset service providers (VASPs) to place precautionary holds of up to 24 hours on certain transfers to foreign platforms or self-custody wallets as part of new measures aimed at preventing fraud.&nbsp;On Friday, the Banco Central do Brasil (BCB) <a href="https://www.bcb.gov.br/detalhenoticia/21218/nota" rel="noopener noreferrer nofollow">said</a> the requirement will apply to funds received above $10,000, either in a single transaction or based on a customer’s total transactions in a day. Providers must also hold other transfers requiring further scrutiny under their risk-management policies.&nbsp;The rules take effect on Jan. 1, 2027. Providers must notify customers of holds and keep records of fraud incidents, attempted fraud and corrective actions. A VASP may complete its assessment and release a transfer before the 24 hours expire, provided that it follows parameters set out by the central bank.&nbsp;The measure adds Brazil to a growing list of jurisdictions tightening crypto safeguards as regulators confront scams that exploit the speed and cross-border reach of digital assets.&nbsp;<h2 id="brazil-joins-global-push-against-crypto-scams">Brazil joins global push against crypto scams</h2>Brazil’s move follows anti-scam measures introduced in other jurisdictions. In Japan, the Financial Services Agency and National Police Agency<a href="https://cointelegraph.com/news/japan-fsa-crypto-exchanges-withdrawal-delays-scams" rel="noopener noreferrer nofollow"> asked crypto exchanges to restrict withdrawals</a> after customers deposit fiat currency or buy digital assets.&nbsp;The authorities also called for platforms to require customers to preregister withdrawal addresses and impose a waiting period before newly added addresses can be used.&nbsp;Other proposed safeguards include customer-specific withdrawal limits, stronger monitoring, phishing-resistant multifactor authentication and checks that the name of a bank remitter matches the crypto account holder.&nbsp;Unlike Brazil’s regulation, the Japanese measures are not binding. In addition, exchanges can determine implementation based on their operations and exposure to misuse.&nbsp;Related: <a href="https://cointelegraph.com/news/brazil-central-bank-bars-virtual-assets-from-cross-border-payment-service-efx" rel="noopener noreferrer nofollow">Brazil bars crypto settlement in regulated cross-border payment rails</a>European regulators have<a href="https://cointelegraph.com/news/eu-watchdogs-mica-crypto-impersonation-scams" rel="noopener noreferrer nofollow"> warned of criminals impersonating watchdogs and crypto companies</a> as users search for licensed service providers after the EU’s Markets in Crypto-Assets licensing deadline.&nbsp;France’s financial regulator reported cases involving fake websites, while the European Securities and Markets Authority said scammers had misused its identity and logo in falsified documents.&nbsp;Magazine: <a href="https://cointelegraph.com/magazine/the-10-weirdest-things-already-finding-a-home-onchain" rel="noopener noreferrer nofollow">10 weirdest things ever tokenized... including farts</a>

Brazil targets crypto fraud with up to 24-hour transfer hold

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