Coinbase (COIN) is rolling out decentralized exchange (DEX) trading to users in Brazil just days after the country’s central bank imposed sweeping new rules on crypto companies.
The move gives Brazilians access to a significantly broader set of tokens, which will expand from a few hundred to potentially millions, without leaving the Coinbase app, the company said in an announcement Wednesday.
Coinbase already offers DEX trading for users in the US, as part of its push to become an “app for everything,” a term for an app that offers a range of services on a single platform.
The update allows users to exchange native Base tokens moments after they are minted. It routes transactions through platforms like Uniswap and Aerodrome, eliminating the need for users to interact directly with unknown decentralized protocols.
Users pay no network fees and can manage trades through a built-in self-custody wallet, Coinbase added.
The company also added that “assets identified by a trusted third-party vendor as confirmed malicious or fraudulent assets will not be available,” before noting that it does not review access offered through DEX integrations.
Earlier this month, Brazil’s central bank published a framework requiring crypto service providers to be licensed, report international transactions, and meet capital thresholds of up to $7 million.
The rules include crypto activities under Brazil’s foreign exchange and capital markets regime and give companies nine months to comply.
Foreign platforms providing services to Brazilian users, including Coinbase, must establish a local entity or risk being banned. While Coinbase’s DEX feature is non-custodial and may fall outside some licensing requirements, the bank’s rules also cover self-custody wallets when used for international transfers, which are now subject to monthly reporting.
