Cryptocurrency adoption in Latin America moves forward in leaps and bounds, as its citizens increasingly turn to digital assets as a means to hedge against local currency depreciation and, in some cases, rising inflation.
A study by Chainanalysis shows that Argentina, Venezuela, Colombia, and Brazil were among the top 20 countries with the most significant cryptocurrency adoption as of 2021. The firm specializes in blockchain data. Latin America accounts for roughly 9% of all global crypto transactions.
Across the region, regulatory bodies have issued high-level guidance on how to handle crypto assets, often as part of broader frameworks, as opposed to tailor-made regulation on the burgeoning sector.
Some countries, however, are studying industry-specific regulation, with law bills to regulate the industry on its own account and not as part of a broader fintech charter.
In most Latin American nations, cryptocurrency regulation has been…