Brazil Crypto Regulation Escalates: 'Operation Veil of Maya' Cracks Down on 87 Shell Companies in Money Laundering Network

CoinFeed July 11 news, according to IBTIMES report, on July 10, Brazil's Federal Police launched 'Operation Veil of Maya' (Operação Véu de Maya), simultaneously executing 9 search and seizure warrants in four locations: São Paulo, Ribeirão Preto, Porto Alegre, and Canoas, cracking down on a money laundering network involving 87 shell companies. Police said these companies, appearing to be normal commercial entities on the surface, were actually used to transfer illegal gambling funds. The operation's name originates from the philosophical concept 'Veil of Maya' (Maya), meaning the illusion that conceals reality. Investigation shows that cryptocurrencies primarily played the role of cross-border fund transfers in this money laundering network. Criminals received illegal gambling proceeds through shell companies, converted the funds into crypto assets, and transferred them abroad, exploiting the fast cross-border speed of digital assets to evade traditional financial regulation.