Coinbase Launches Operations in Argentina Following Regulatory Approval
Coinbase is set to launch operations in Argentina after obtaining regulatory approval. The move, led by Matías Alberti, responds to high interest in cryptocurrency among locals, highlighting financial independence and economic reforms.
Coinbase has announced its entry into Argentina after receiving approval from regulators in the South American nation to begin operations, the company reported on January 28.
The expansion will be led by Matías Alberti, who previously worked for Latin American crypto firm Buenbit. "Matías brings a wealth of experience and a deep understanding of the local market," stated Fabio Plein, the director for the Americas at Coinbase. "We're confident in his leadership as we work to bring crypto services to millions of Argentinians."
The Argentine economy has recently shown improvement, with the credit rating agency Moody's upgrading the country's rating, as reported by Fortune on January 25. This upgrade was primarily due to economic reforms introduced by President Javier Milei. Although crypto did not contribute directly to the Moody's upgrade, there is a significant interest in cryptocurrency among Argentines.
According to Coinbase, approximately 5 million Argentinians engage with crypto on a daily basis, with 87% of them believing that it can enhance financial independence. Additionally, 76% of adults in the country view crypto as a solution to financial issues such as inflation and high transaction costs, while 79% are open to receiving payments, including salaries, in cryptocurrency.
"Economic freedom is a cornerstone of prosperity, and we are proud to bring secure, transparent and reliable crypto services to Argentina," Plein added in a company announcement. "For many Argentinians, crypto isn't just an investment, it's a necessity for regaining control over their financial futures."
As part of its launch, Coinbase has secured a Virtual Asset Service Provider (VASP) registration from the National Securities Commission (CNV) of Argentina. This will enable Coinbase to operate within the legal framework for virtual assets in the country as it begins to roll out its products in 2025.
The CNV registration will allow Coinbase to enhance its services in Argentina by offering localized support in Spanish, including local payment options and customer assistance. To build trust among Argentine consumers regarding crypto, Coinbase plans to initiate educational programs aimed at improving financial literacy among users.
