Coinbase has received approval from Argentina’s National Securities Commission (CNV) to expand its services within the country. This regulatory green light allows the popular exchange to offer a range of new services, including local payment methods in Argentine pesos, marking a new phase in its operations in Argentina.
Coinbase initially entered the Argentine market in April 2019, providing crypto-to-crypto conversions and trading. Although the exchange had been operating without a formal license, it was still functioning within the legal frameworks available at the time. With the CNV’s recent VASP (virtual asset service provider) registration, Coinbase can now offer a broader array of services and products in the local currency, further integrating itself into Argentina’s growing cryptocurrency ecosystem.
This move aligns with a broader trend, as Binance also received its VASP approval in Argentina in October 2024, becoming an officially registered crypto service provider. As part of its strategic growth in Argentina, Coinbase plans to roll out local educational initiatives to increase crypto literacy. Fabio Plein, Coinbase’s Director for the Americas, emphasized that these efforts would empower Argentinians to navigate the evolving crypto landscape, with many viewing digital assets as a crucial tool to regain control of their financial futures.
Argentina, grappling with one of the highest poverty rates in the world, has seen its citizens increasingly turning to cryptocurrencies as a solution to combat inflation and transaction costs. With 53% of the population living in poverty, crypto adoption has soared, with over five million Argentinians using digital assets daily.
POBREZA EN TIEMPOS DE CRISIS
— Observatorio de la Deuda Social Argentina (UCA) (@ODSAUCA) October 25, 2024
🔵Según el ODSA-UCA, con base en datos de EPH-INDEC, se registró en el 1° trimestre 2024 un fuerte incremento de las tasas de indigencia (20%) y de pobreza (55%), siendo estas las tasas más altas desde 2004. pic.twitter.com/JSjWS5qW2r
In fact, a recent Coinbase survey revealed that 76% of adults in Argentina see crypto as a remedy for financial challenges. The country now leads Latin America in crypto inflows, surpassing Brazil, with stablecoin transactions being particularly prominent. As Argentina continues to embrace cryptocurrencies, Coinbase’s expanded operations in the region are poised to offer both economic opportunities and financial independence to a population eager for change.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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