Latin American countries accelerated their regulatory activities after the crises in the crypto market.
The deep crisis in the markets has also mobilized the South American countries, which are known for their adoption of digital currencies.
Latin American Countries Work for Regulation
The largest country in South America, Brazil is home to many crypto-focused firms such as Mercado Bitcoin and Nubank. In Brazil, the region’s largest crypto hub by far, a crypto regulation bill was approved last week. With the bill, crypto assets were given legal status to be used as payment for goods and services.
Along with Brazil, Panama, Paraguay, Honduras, Guatemala, Honduras and Argentina continue to work to create their own regulations. Argentina’s Mendoza province has accepted Bitcoin as a means of payment.
The crisis in the crypto markets has paved the way for the emergence of a great vulnerability in the web3 industry.
Regulators are much more wary of crypto assets, especially after the massive collapse of Terra and FTX.
In the rest of the world, crypto regulations emerge as one of the most important topics. Japan has also started work to prepare a bill for cryptocurrencies.