In a recent development, Coinbase has been granted approval by Argentina’s National Securities Commission (CNV) to operate as a Virtual Asset Service Provider (VASP). The exchange shared in a blog post. The expansion is part of the exchange’s mission to increase economic freedom globally. In 2023, Coinbase launched its services in Brazil as a first push into the Latin American region.
This regulatory green light signifies Coinbase’s commitment to compliance and aims to enhance user protection within Argentina’s legal framework for virtual assets.
5 Million Crypto Users Daily!
Coinbase noted that approximately 5 million Argentinians use crypto daily, with 76% of adults considering it a solution to financial issues such as inflation and high transaction costs. Matìas Alberti, a former fintech executive at Buenbit and Clara, will lead Coinbase’s operations in Argentina.
The approval allows Coinbase to provide services like buying, selling, transferring, and storing cryptocurrencies in one of Latin America’s largest economies, thereby expanding its global footprint.
Markets Get Competitive
Besides, Coinbase’s expansion into Argentina comes as the market becomes more competitive, with Binance also registering in the country in October. Also, Argentina is gearing up for some major changes as it plans to allow free currency circulation by 2025, enabling transactions in various currencies, including cryptocurrencies like Bitcoin.
Coinbase’s launch in Argentina coincides with growing international crypto collaboration. In December 2024, Argentina and El Salvador signed an agreement to boost the crypto industry, paving the way for Argentina to become a key player in the global digital asset market.
