Coinbase now has the permission to operate within Argentina’s crypto regulatory framework.
The country’s National Securities Commission granted the leading crypto exchange a Virtual Asset Service Provider license. Cryptocurrency adoption in Argentina has risen following the country’s economic challenges, especially a volatile currency and high inflation.
The Coinbase announcement stated that five million Argentinians use cryptocurrency daily. They consider it a means of accessing global financial systems and a hedge against inflation.
Argentina’s Crypto Ecosystem
Coinbase’s latest State of Crypto Report revealed that 87% of Argentinians consider crypto a tool to fight against limited access to foreign currencies and rising costs. They also believe digital assets can enhance their financial independence.
Matias Alberti, a fintech expert with experience at various firms, including Clara and Buenbit, will head Coinbase’s Argentina subsidiary. The crypto company intends to help users explore the risks and opportunities in cryptocurrency by granting them access to its educational programs and trading platform.
Fabio Plein, the crypto exchange’s Director for the Americas, stated that crypto is necessary for many Argentinians to help them regain control over their finances in the long term. Coinbase’s focus on security and compliance makes it a trusted platform in an industry where user trust is essential.
This approval is the latest step in the company’s expansion efforts. The company continues its mission to boost its users’ financial stability and economic freedom.
Read more: Alchemy Pay Gets AUSTRAC Approval to Provide Fiat-To-Crypto Payments In Australia
Coinbase’s (COIN) share price has not significantly changed at the time of writing. Current Nasdaq data shows that COIN trades at $281.9, up 1.4% today.
Coinbase Needs to Change Its Token Listing Requirements – Armstrong
The company’s CEO, Brian Armstrong, recently stated that the platform must overhaul its token listing process due to the rapid creation of tokens. Armstrong suggested a “block list” approach to approving tokens to replace the existing “allow list” model.
According to Armstrong, it has become difficult to evaluate each token individually. However, this block list approach will exclude problematic tokens using automated on-chain data scans and customer reviews.
