Coinbase Gets Green Light for Debut in Argentina
It’s all systems go for Coinbase to launch in Argentina after regulators in that South American nation gave their approval for the U.S.-based cryptocurrency exchange to begin operating there, the company said Tuesday (Jan 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,” said Fabio Plein, 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 been on better footing as of late, with credit rating agency Moody’s upgrading the country, Fortune reported on Jan. 25. This was due mostly to President Javier Milei recently introduced economic reforms. And while crypto did not seem to figure in the Moody’s upgrade, Argentines are keen for it.
According to Coinbase, 5 million Argentinians use crypto daily, with 87% believing crypto can boost financial independence. Already, 76% of the country’s adults see crypto as a solution to some of their financial frustrations, such as inflation and high transaction costs, while 79% are open to receiving their payments, including wages, in cryptocurrency.
“Economic freedom is a cornerstone of prosperity, and we are proud to bring secure, transparent and reliable crypto services to Argentina,” added Plein 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 there, Coinbase has secured a Virtual Asset Service Provider (VASP) registration from the country’s National Securities Commission (CNV). This will allow Coinbase to operate within the country’s legal framework for virtual assets as it begins rolling out its products in 2025.
The CNV registration will also allow Coinbase to augment its efforts in Argentina by offering localized services in Spanish, including local payment methods and customer support. To further raise the comfort level of Argentine consumers toward crypto, Coinbase plans to launch what it calls educational initiatives to enhance financial literacy for its users. The company reasons that a knowledgeable customer base will be able to navigate the crypto ecosystem with greater confidence.
The expansion into Argentina follows the announcements of the upgrade to the Coinbase One subscription program, introducing a premium tier, and the integration of Apple Pay as a payment method for Coinbase Onramp, both announced last December.
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