Crypto.com Approved in Argentina, Expands Latin American Crypto Push

Crypto.com has received approval from Argentina's National Securities Commission (CNV) to operate as a Virtual Asset Service Provider (VASP). This approval is a significant milestone for the company as it continues to pursue a full operating license under the new regulations published in March. Alain Yacine, president of Crypto.com for Latin America, expressed enthusiasm about the achievement, highlighting the company's commitment to providing a safer and more comprehensive crypto trading experience for Argentine customers and merchants.

Argentina's growing interest in cryptocurrency makes it a key focus of Crypto.com's expansion strategy. Recent research indicates that nearly half of Argentine respondents believe it is important to spend cryptocurrency via a debit card, with more than half planning to invest in cryptocurrencies within the next year. The region has over 10 million crypto asset accounts, reflecting a strong interest in financial technology and digital currency. Local stablecoin activity accounts for 61.8% of transaction volume, significantly higher than the global average of 44.7%, indicating a desire for financial security in an unpredictable economic climate. The expanding legal frameworks in Argentina are crucial for user safety, promoting transparency and protection within the country's crypto ecosystem and paving the way for a more regulated market.

In Mexico, Helium has expanded its network by installing 100 new mobile hotspots across 18 cities, bringing the total number to 736. This expansion follows Helium's collaboration with Movistar in February. Helium, known for its decentralized wireless communication platform built on the Solana blockchain, aims to enhance user connectivity and service quality while encouraging community-driven network growth. The network has shown strong activity, with a total of 281.83 GB of data transferred in the last 30 days. Daily data transmission amounts vary, with peaks exceeding 40 GB on some days and lower activity on others, indicating a dynamic usage pattern maintained by community members who contribute to the network's expansion by adding new hotspots and earning HNT rewards.

According to Bitso’s most recent estimate, in 2024, 39% of Latin American users would turn to stablecoins as a haven in the face of economic crises such as inflation and currency depreciation. The “Panorama Cripto en América Latina” report shows a considerable movement toward stablecoins such as USDC and USDT, indicating a growing demand for these assets as a hedge against economic volatility. This desire matches broader developments in the region’s cryptocurrency market, as more people seek out digital assets that offer stability. The research also indicates a shift in customer preferences, with Bitcoin’s percentage of sales falling from 38% in 2023 to 22% in 2024. This reduction can be ascribed to Bitcoin’s rising price and a popular investing technique among users known as “HODL,” in which investors keep their Bitcoin rather than sell. Other cryptocurrencies are also gaining traction, with altcoins such as Ethereum and Solana holding their positions and meme coins such as PEPE and DOGE seeing significant rises in popularity, demonstrating a wide range of interest in digital assets.

Furthermore, the report highlights major trends in key nations such as Argentina, Brazil, and Colombia. In Argentina, hyperinflation and capital constraints have increased stablecoin adoption by 11%, increasing the total to 1.6 million users. Brazil’s regulatory developments and DeFi growth have resulted in stablecoins accounting for 26% of purchases, with a customer base of 1.9 million. Finally, in Colombia, the collapse of the Colombian peso has reinforced stablecoins as the preferred option among users, suggesting a regional response to economic uncertainty.