Central Bank of Brazil expands crypto oversight and studies Pix-Europe link

The Central Bank of Brazil (BCB) has introduced new regulations to increase oversight of crypto-assets and explore international payment integrations.

Under resolutions BCB 588 and 589, the BCB has expanded reporting requirements for virtual assets. Specifically, transfers between financial institutions and self-custody wallets valued at or above US$ 10,000 must now be automatically reported to Coaf. While self-custody remains legal, these high-value movements will trigger mandatory communication regardless of whether suspicion of illicit activity exists. Additionally, the new rules reorganize data reporting for custody, staking, and reserve verification, covering institutions authorized by the BCB, including those using foreign custodians.

Separately, the Central Bank of Brazil and the European Central Bank have launched a feasibility study to evaluate connecting the Pix instant payment system with the Eurosystem’s Target Instant Payment Settlement (TIPS) infrastructure. The study will analyze technical, operational, legal, and business aspects to determine if cross-border payments between Brazil and the Eurozone can be processed in seconds with lower costs. This initiative is part of an ongoing effort to modernize international payment flows and connect Pix with various global instant payment infrastructures.