Brazil Introduces Strict eFX Regulations Banning Crypto Cross-Border Transfers

The Central Bank of Brazil has published Resolution BCB No. 561, revising the country's international payment system, called eFX. As part of this revision, cryptocurrency transactions are no longer permitted in cross-border transfers.

The new regulation introduces stringent compliance requirements for all providers, including Know Your Customer (KYC) checks for every transaction. Service providers must also maintain records of transactions for 10 years and report them regularly.