One of the world’s largest cryptocurrency exchanges, Coinbase, has officially been given the green light to operate the exchange in Argentina. The country’s financial regulator Comisión Nacional de Valores (CNV) has registered the company as a Virtual Asset Service Provider (VASP). This also allows Coinbase to legally operate in Argentina and provides more options to purchase, sell and use cryptocurrencies.
Why is This Important?
Argentina has significant economic problems, including inflation that has been high and the uncompetitive peso. Bitcoin and stablecoins were becoming the choice of many people in the country to protect their money. With Coinbase now fully approved, Argentinians will be able to safely trade digital assets with it.
We're approved to launch in Argentina. 🇦🇷
— Coinbase 🛡️ (@coinbase) January 28, 2025
This is an important step in our international strategy and another key chapter in our mission to increase economic freedom around the world. pic.twitter.com/bfudgiDuVD
Competing with other local crypto firms operating in Argentina, such as Binance, which also got this approval last year, this also adds to Coinbase’s standing. Coinbase aspires to facilitate a secure and controlled environment for crypto users unlike the uncontrolled platforms.
What Changes for Coinbase Users?
Even before this approval, Coinbase had been offering crypto to crypto trading in Argentina since 2019. But it couldn’t give all services in the local denomination. With its VASP registration, Coinbase is now able to introduce local payment methods in Argentine pesos to make it easier for people to trade using their national currency.
Who’s Leading the Expansion?
In order to manage this growth, Matías Alberti, a specialist with experience in fintech companies such as Buenbit and Clara, becomes to guide the operations of Coinbase in Argentina. He will oversee the company’s strategy and help popularize crypto in the public.
Crypto’s Growing Popularity in Argentina
It has been evidenced by studies that 5 million Argentinians use cryptocurrencies daily. 87% of Argentinians think that blockchain and crypto will help with achieving financial independence, 76% with fighting inflation and high transaction fees.
Looking Ahead
With this approval, Coinbase will be able to spread its reach in Latin America which is already growing at a fast rate in terms of crypto adoption.
In addition, the company wants to launch educational programs in Argentina to teach people more about crypto and to use it safely.
Crypto isn’t just an investment to many people, it’s a way of protecting their future.
Also read: Czech Central Bank Plans to Invest in Bitcoin for National Reserves
