Coinbase is expanding its operations in Argentina with approval from the National Securities Commission (CNV). This approval offers Coinbase the status of a registered Virtual Asset Service Provider (VASP), allowing the platform to provide a broader range of services, including the usage of Argentine pesos for transactions.
Coinbase entered the Argentine market in 2019 and initially offered crypto-to-crypto trading. With this new breakthrough, it can now completely comply with the country’s regulatory framework, allowing it to provide more diverse services in the coming months.
The clearance followed Binance’s VASP registration in October. Coinbase has declared a commitment to offering important educational activities as part of its expansion, with the goal of increasing crypto awareness in Argentina.
MatÃas Alberti, a fintech veteran from Buenbit and Clara, has been appointed to manage Coinbase’s activities in Argentina. Coinbase’s Director for the Americas, Fabio Plein, stated that these activities aim to empower Argentinians to confidently navigate the potential and challenges of cryptocurrency.
The crypto ecosystem in Argentina is thriving, with an estimated five million users and a strong trust in cryptocurrencies’ ability to give financial freedom. According to a recent survey, 87% of adults in the country believe cryptocurrency can help them attain greater financial freedom, particularly in the face of inflation and excessive transaction fees.
