Brazil expands crypto reporting to Coaf

The Central Bank of Brazil has issued Resolutions BCB 588 and 589, updating the rules for virtual assets and the controls used to prevent money laundering and terrorist financing. Among the new obligations is a specific notice to Coaf for transfers to or from self-custody wallets worth $10,000 or more. The rules take effect on October 1, 2026, although the provisions tied to information sharing for Central Bank supervision will apply from January 1, 2027.

What does the new resolution require?

Resolution BCB 589 adds reporting duties and operating rules covering balances, custody, reserve proofs and staking, according to the legal repository Okai, which reproduces the regulatory text. It also broadens the scope of Coaf notifications for virtual asset transactions, with a focus on movements between institutions and self-custody wallets, according to Estadão.

CNN Brasil reported that the update includes a specific Coaf notice for virtual asset transfers to or from self-custody wallets valued at $10,000 or more. That same coverage said the general effective date for the resolutions is October 1, 2026, while the supervision provisions will begin on January 1, 2027.

What other restrictions did the Central Bank add?

Exame said Resolution BCB 589 also sets limits on how financial institutions, payment institutions and authorized virtual asset service providers can operate with counterparties not authorized by the Central Bank, unless they receive express approval. The publication added that the resolutions were released as already operating virtual asset service firms were nearing the final deadline to formally submit authorization requests to the regulator.

SpaceMoney reported an additional schedule for Resolution 589, with changes on reporting starting January 1, 2027, the counterparty rule taking effect on October 1, 2026, and the operating restriction on November 6, 2026. That timeline was attributed to that outlet and was not confirmed in the other sources used for this note.

What is the regulator preparing in Open Finance?

The Central Bank of Brazil is also preparing an Open Finance regulation to define which companies outside the traditional financial system may access customer financial data and what responsibilities the integrating institutions will have. According to Valor Investe, the draft is intended to set security requirements, internal controls, third-party due diligence and the handling of incidents or data leaks.

That initiative has not yet been published as a rule, but it adds to the regulatory package the Central Bank has been advancing on virtual assets and oversight of sector participants. On the crypto side, the authority has already set the new reporting duties and the staggered deadlines for them to take effect.