Coinbase has received regulatory approval from Argentina’s National Securities Commission (CNV) to broaden its services in the country, where it has been active since 2019. This licensing allows Coinbase to function as a registered virtual asset service provider (VASP), enabling the company to introduce new services, including localized payment options in Argentine pesos.
Initially, Coinbase launched crypto-to-crypto trading in Argentina in April 2019. The recent approval positions the exchange to operate more comprehensively within Argentina’s legal framework governing virtual assets. As Coinbase plans to enhance its offerings over the coming months, it aims to leverage its new license to provide a broader range of products denominated in local currency, meeting the needs of Argentine users more effectively.
In a similar development, Binance attained VASP approval in Argentina last October, reinforcing its status as a recognized crypto service provider in the nation. Coinbase’s latest expansion includes initiatives focused on educating the local population about cryptocurrencies, aiming to boost financial literacy related to digital assets.
Coinbase officials emphasize that cryptocurrency usage is increasingly vital for many Argentinians, particularly in light of the nation’s economic challenges. With over 53% of the population living in poverty, many view cryptocurrency not just as an investment but as a necessary tool for financial stability and autonomy.
As of now, approximately five million Argentinians engage with some form of cryptocurrency daily, according to recent statistics. A recent survey indicated that 76% of adults in Argentina perceive crypto as a potential remedy for ongoing financial difficulties, notably high inflation and transaction fees. Furthermore, a report highlighted that Argentina has surpassed Brazil as the leading country in Latin America for estimated cryptocurrency inflows, solidifying its position as a formidable player in the global crypto landscape.
