Brazilian Banks Expand Crypto Offerings as Regulation Takes Hold

The notable signal here is the separation of distribution from balance-sheet risk: major banks are commoditizing crypto access without underwriting exposure, which suggests they view the regulatory framework as sufficient for retail-facing products but not for proprietary positions. This affects market structure by channeling demand through traditional financial rails, potentially narrowing the role of dedicated crypto exchanges. The key question is whether this cautious expansion accelerates as regulation deepens, or whether banks remain permanently in a fee-only, custody-light posture.