The LATAM crypto dynamics are changing quickly while adapting to a new era

Argentina and Mexico stood out with major developments in crypto adoption and advanced infrastructure development.

Latin America’s crypto dynamics are changing quickly as they adapt to a new era. Argentina and Mexico highlight this shift with major developments in crypto adoption and advanced infrastructure development.

Crypto.com Secures Operating Approval in Argentina

Crypto.com has been granted a Virtual Asset Service Provider (VASP) license by the National Securities Commission (CNV) in Argentina. This achievement marks another milestone in their pursuit of a full operating license, recently announced in March with new regulations coming into effect.

Highlighting this step forward, Crypto.com Latin American regional head Alain Yacine stated that the company is focused on providing a safer and more comprehensive crypto trading experience for Argentine consumers and merchants.

This development follows a period of rapid expansion by Crypto.com in Argentina, motivated by the country’s interest in bitcoin and financial technology. Recent research indicates that nearly half (46%) of Argentine respondents prefer to spend cryptocurrency through debit cards, and more than half (57%) plan to invest in cryptocurrencies within the next year.

With over 10 million crypto asset accounts in Argentina and local stablecoin activity at 61.8% of transaction volume (compared to the global average of 44.7%), there is a strong indication of interest in monetary security during uncertain economic times.

The new regulatory structures in Argentina aim to enhance protection for users, promote transparency, and apply common administrative and economic procedures and legal and technical cooperation in the crypto market, thereby opening the door to a more regulated and secure market.

Helium Expands Network with 100 Mobile Hotspots in Mexico

Helium has expanded its network in Mexico with the installation of 100 new mobile hotspots in 18 cities, bringing the total to 736 hotspots across the country. According to data from Helium, this development follows the recent partnership with Movistar, which was announced in February.

Helium’s decentralized wireless communications platform, powered by the Solana blockchain, aims to improve user connection and service quality, while network expansion is driven by community engagement. Over the last 30 days, Helium has logged a cumulative 281.83 GB of data that has been transmitted. Daily transmission levels vary with transmission levels on certain days reaching more than 40 GB, showcasing that the network is in active use.

Community members contribute by deploying new hotspots and earning HNT rewards, which in turn fuels further network expansion.

Stablecoins Become a Preferred Choice in LATAM

According to Bitso’s recent data, 39% of LATM’s users turned towards stablecoins in the past year. This increase reflects the customers’ growing interest in stablecoins during inflation and currency devaluation.

The “Panorama Cripto en América Latina” report highlights a growing attraction towards stablecoins like USDC and USDT. Additionally, the report also stated that Bitcoin transactions dropped from 38% to 22% in past years.

Country-Specific Trends Across LATAM

In Argentina, stablecoin adoption has seen a rise of 11%, totalling 1.6 million users due to hyperinflation and capital restrictions. In Brazil, regulatory developments and DeFi growth have driven stablecoins to account for 26% of purchases with a user base of 1.9 million. Meanwhile, in Colombia, the collapse of the Colombian peso has solidified stablecoins as the preferred choice among crypto users.

These developments collectively highlight the continued growth and resilience of LATAM’s crypto market.