Coinbase has received official approval from Argentina’s National Securities Commission (CNV) to expand its services in the country, the exchange said in a Tuesday, 28 January 2025, blog post.
The virtual asset service provider (VASP) registration allows the exchange to introduce new offerings, including local payment methods in Argentine pesos, as it strengthens its presence in the Latin American market.
Having operated in Argentina since 2019, Coinbase initially offered crypto-to-crypto conversions and trading. However, with this regulatory green light, the exchange can now operate within the country’s legal framework for virtual assets, enabling it to roll out a broader range of services.
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Coinbase’s Approval Comes After Binance Registration
The approval follows Binance’s successful registration as an official crypto service provider in Argentina last October. As competition in the Argentine market intensifies, Coinbase is also investing in local educational initiatives aimed at improving crypto literacy among citizens.
Fabio Plein, Coinbase’s director for the Americas, emphasized the importance of cryptocurrency in Argentina’s economic landscape. “For many Argentinians, crypto isn’t just an investment; it’s a necessity for regaining control over their financial futures,” he said.
Argentina faces one of the highest poverty rates in the world, with 53% of its population living below the poverty line—the highest level in two decades, according to the Argentine Catholic University.
In light of these economic struggles, many citizens have turned to digital assets as a hedge against inflation and financial instability.
We have secured a Virtual Asset Service Provider (VASP) registration from Argentina’s National Securities Commission (CNV).
This will allow us to operate within Argentina’s legal framework for virtual assets, reinforcing our commitment to compliance and user protection.
— Coinbase
(@coinbase) January 28, 2025
Coinbase’s recent State of Crypto report, published on Jan. 21, revealed that 76% of Argentine adults view cryptocurrency as a solution to economic challenges such as inflation and high transaction costs.
In a survey of nearly 5,000 individuals across Argentina, Kenya, Switzerland, and the Philippines, 87% of Argentine respondents believed that crypto and blockchain technology could enhance financial independence.
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Argentina Emerges as a Crypto Leader in Latin America
Argentina’s increasing reliance on digital assets is reflected in its rising crypto adoption rates. According to Coinbase, approximately five million Argentinians—out of a population of 46 million—use cryptocurrency in some form daily.
A report from Chainalysis in October 2024 found that Argentina had surpassed Brazil as the top Latin American country in terms of crypto inflows, recording $91 billion in transactions between July 2023 and June 2024.
Additionally, Argentina has one of the world’s most active stablecoin markets, with stablecoin transactions playing a crucial role in its digital economy.
There is a strong preference for long-term crypto investments over day trading among Latin American investors, according to a survey by Binance.
The survey included responses from 10,000 users across key Latin American markets such as Argentina, Colombia, Brazil, and Mexico. It reveals insightful data on the regional adoption of cryptocurrencies.
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The post Coinbase Secures Regulatory Approval To Expand Services In Argentina appeared first on 99Bitcoins.
