Blockchain LatAm Report 2025

The blockchain landscape in Latin America is rapidly expanding, gaining momentum as more countries engage with the ecosystem. Through creative forms of adoption and the establishment of regulations, Latin Americans are innovating and creating opportunities. However,  a range of challenges persist that require government attention to ensure equitable access to all.

In times of hyperinflation, corruption, and mistrust in traditional institutions, blockchain technology and cryptocurrencies – particularly stablecoins – are seen not only as tools to protect tangible and intangible assets.

The technology also offers  a viable solution for financial inclusion, greater transparency and security, optimising supply chains and trade. Blockchain can also facilitate support for social and environmental causes, allowing international donors to easily donate to charity organisations.

The sixth edition of the Blockchain LatAm Report 2025 offers a detailed update on regulatory developments across the region, and illustrates blockchain applications and innovations across Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Mexico, Paraguay and Peru.

Despite the rapid progress of regulatory frameworks in some Latin American countries, different rates of implementation are evident across the region reflecting its diverse social, economic, and political realities.

Brazil remains the largest cryptocurrency market in Latin America, but Argentina emerges as the country with the most successfully consolidated regulation and adoption of digital currencies. In fact, between July 2023 and June 2024, Argentines received USD 91 billion on-chain, making them the most active crypto-receiving country in the region, surpassing Brazil, despite having one-fifth of the population size.

Chile, for its part, introduced a framework that structures and regulates the use of digital assets, building on its 2024 Fintech Law. According to Sherlock’s Blockchain Report, one in five (18%) Chileans had either used or owned cryptocurrencies in 2024, while the number of fintech and crypto startups rose by 16%.

Colombia is a rising star in the cryptocurrency landscape with an estimated five million Colombians (10% of the population) already using digital currencies, a 17% increase in 2024.

The country has also seen greater integration between the crypto sector and traditional finance, as observed with the launch of Wenia, an exchange platform by Bancolombia, the largest bank in the country, allowing the use of cryptocurrencies such as Bitcoin, Ether, and USDC.

Meanwhile in Costa Rica, the inception of blockchain technologies is focused on financial innovation, supporting tourism and remittances. However, while the government is generally supportive of cryptocurrency adoption, the regulatory process has yet to show clear progress.