With deepening our investment in Latin America, we deploy local currency funds in Argentina and Mexico, two of the region’s most active crypto markets. This extension reflects our continued commitment to building trustworthy, compliant, localized infrastructure to support crypto adoption around the world.

These new integrations allow clients from both countries to deposit their local currencies (ARS and MXN) through reliable domestic payment methods, providing faster and simpler access to Kraken’s full suite of Crypto services.

Furthermore, within Argentina, Kraken is now officially registered as a virtual asset service provider (VASP) with Argentina’s Comisiónnacional de Valores (CNV), ensuring that it can operate in full compliance with local regulations.

Local funding, global access

By enabling local rails, Kraken eliminates one of the most persistent friction points for crypto users across LATAM. The challenge is to efficiently and safely convert local currency into digital assets. Deposits created through these new payment methods will be automatically converted to USD at competitive, transparent FX rates, reducing the need for international wire or third-party apps.

This upgrade will provide international clients with a seamless, end-to-end experience built on speed, security and trust.

“Argentina and Mexico are one of the most active and resilient crypto communities in the world,” said Mark Greenberg, global consumer director at Kraken. “The local railroads and clarity of regulations make Kraken uniquely positioned to enable clients from both countries to access the global crypto economy with confidence, security and ease.”

The momentum of the code across Ratum

Each of these markets highlights a different dimension of the growing importance of Crypto in this region.

• Argentina: With inflation rates exceeding 200% in 2023, crypto, especially stubcoin, has become an important tool for Argentina to save money and send money.
• Mexico: Mexico, a regional powerhouse for cryptocurrency, is at the forefront of blockchain innovation, dollar-controlled demand and retail adoption.

These markets represent millions of current and future crypto clients who need localized tools to fully participate in the ecosystem.

Local experience backed by our global standards

Our Argentine and Mexican clients benefit from:

• Local currency funds through reliable domestic payment railways
• Automatic USD conversion at competitive transparent rates
• Access to over 350 digital assets
• Industry-leading security and global liquidity
• Multilingual support for 24/7
• Localized product experiences and educational content

This expansion reflects a broader strategy in the region. It combines global infrastructure with local relevance to provide the confidence and tools to effectively navigate the crypto economy wherever your clients are.

Long term building

With these launches, Kraken is positioned himself for his long-term impact in Latin America. Product upgrades aren’t the only way to revitalize local payment rails and the clarity of regulations provided by Argentina’s CNV VASP registration. They are strategic milestones that strengthen Kraken’s commitment to financial inclusion, responsible innovation and client empowerment in one of the most promising regions in crypto.

Kraken will continue to expand its presence across Latin America with the same values ​​that have led security, transparency and trust since 2011.

Let’s start today kraken.com And trade with confidence on your terms.

We’re kicking off the road to Devconnect in Buenos Aires (Nov 17–22) with Destino Devconnect, a community-powered push to bring Argentina onchain. From now until November, we’re inviting local builders, organizers, and enthusiasts to unite under one banner to accelerate Ethereum adoption in Argentina and across Latam.

What is Destino Devconnect?

Destino Devconnect is a local grant round to support what Argentinian builders are already doing: onboarding newcomers, forging deeper ties with institutions, showcasing Ethereum apps, and fostering collaboration. We see your work and share your passion, and we’re here to help amplify it.

Who it’s for

You’re already on a mission:
If you’ve been hosting meetups, mentoring builders, or brainstorming ways to accelerate Ethereum adoption, Destino Devconnect wants to champion your efforts.

You’ve got ideas:
Even if you’re new to this, if you have a vision for how Ethereum can benefit Argentina and Latam, we want to support you.

We believe that together, we can make Argentina a leading example of Ethereum-driven impact. From wallets to local governance, from Ethereum applications to community brainstorming sessions.

What’s coming in November

Devconnect ARG itself is a major milestone, featuring:

• The Ethereum World’s Fair – a huge showcase of Ethereum apps and innovations
• Decentralized events – hosted by the broader ecosystem
• A week-long coworking space with Community Hubs – where we’ll gather to share knowledge, make devconnections, and build

Getting involved with Destino Devconnect means:

• Up to $1,000 in sponsorship to help fund your event or initiative
• Connections to speakers if needed
• A spot on the Destino Devconnect calendar, plus comms to boost your visibility
• Direct line to the Devconnect team for feedback and support

Apply to host an event or plan your initiative

We’re looking for local individuals and teams in Argentina (and wider Latam) who:

• Can organize a meetup, workshop, incubation program, mentorship sessions, or other initiatives, or are already doing it
• Have a track record of community-building
• Understand how Ethereum can support people in Argentina and Latam
• Share the passion for bringing Argentina onchain

Apply now!

Photos from Road to Devcon SEA events 2024

If you’re ready to make a difference or if you’re already doing it, apply to become a Destino Devconnect event. Let’s pool our resources, connect communities, and drive Ethereum adoption together.

The road to Devconnect ARG starts here. You in?

Apply here.

Lawmakers in Argentina are taking action to investigate a cryptocurrency scandal involving the nation’s president, Javier Milei.

On February 14th, the price of the newly-launched LIBRA memecoin surged after Milei posted about the project on his social media accounts.

Within hours, the token crashed, causing over 75,000 retail investors an estimated $280 million in losses. Milei removed his posts five hours after making them.

The incident prompted allegations of a rug pull scam, which happens when backers hype and inflate the price of a crypto asset and then suddenly abandon the project after taking the investors’ funds.

The Chamber of Deputies, the lower house of the Argentine National Congress, is now pushing forward with the investigation of the scandal following the approval of three draft resolutions related to LIBRA.

The first resolution to create an investigative commission was approved with 128 votes in favor, 93 against and seven abstentions.

The second, which seeks to question executive branch officials, including Chief of Staff Guillermo Francos, Minister of Economy Luis Caputo, Minister of Justice Mariano Cúneo Libarona and head of the National Securities Commission (CNV) Roberto Silva, received 131 affirmative votes and 96 negative votes.

The third resolution to request reports from the national government on various issues associated with the Libra cryptocurrency was approved with 135 votes in favor, 84 against and seven abstentions.

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The United States has made its support for Argentina’s ongoing International Monetary Fund (IMF) negotiations conditional on President Javier Milei’s willingness to sever ties with China, particularly by terminating a longstanding currency swap agreement. This move is seen as a strategic effort to counter China’s growing influence in the region.

Argentina requested a $20 billion loan from the IMF at the end of last month. However, the country has been a serial defaulter, with the international agency having to bail its ailing economy out 22 times. Argentina also has one of the highest inflation rates in the world, at 84.5%, although it has been greatly reduced under Milei, falling from 211% year-on-year at the end of 2023.

Mauricio Claver Carone, a key advisor to President Donald Trump on Latin American affairs, recently emphasized the importance of distancing Argentina from China’s economic grasp. Speaking at an event in Miami, Claver Carone described President Milei as a “valued ally” but emphasized the need for Argentina to prioritize its relationship with the US and the IMF over its ties with Beijing.

A battle for influence in the region

The currency swap agreement between Argentina and China, established in 2009, has provided a vital lifeline for the South American nation’s economy. By allowing the Argentine central bank to exchange currencies at a predetermined rate, the agreement has enabled the country to access the Chinese renminbi, which can then be converted into US dollars. This has helped bolster Argentina’s foreign reserves and facilitated its ability to repay debts to creditors, including the IMF.

However, the US views this arrangement as a means for China to exert undue influence over Argentina’s economic decision-making. Claver Carone characterized the swap line as “extortionate,” suggesting that as long as it remains in place, China will maintain significant leverage over Argentina’s financial affairs.

Entrepreneur and commentator on economics and geopolitics Arnaud Bertrand posted:

“This is unreal and shows there’s really no such thing as an “ally” with Trump: he’s now bullying Argentina’s Milei by refusing him an essential IMF loan unless he scraps an equally essential currency swap accord with China.

To add insult to injury the Trump administration, specifically Mauricio Claver Carone, Trump’s special envoy for Latin America, justified their bullying on the basis that if Milei doesn’t end the swap accord “China will always be able to extort Argentina.” Which is exactly what THEY are doing!”

In recent years, Argentina has faced significant economic challenges, including high inflation, currency fluctuations, and limited access to international capital markets. The currency swap agreement with China has served as a crucial safety net, providing the country with a means to stabilize its finances and navigate periods of economic turmoil.

Milei has expressed interest in dollarizing the country’s economy, which would involve pegging the Argentine peso to the US dollar. This move would likely require significant support from the US and the IMF and could potentially be facilitated by the termination of the currency swap agreement with China. Milei has also been a vocal advocate for Bitcoin, emphasizing the importance of freedom of currency competition in Argentina.

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Authorities in Argentina are reportedly looking to initiate the arrest of Hayden Davis, who was allegedly involved in pump-and-dump schemes for at least two memecoins.

An Argentinian prosecutor has filed a request with a judge to issue an Interpol “Red Notice” – or an international arrest warrant – for Davis because of his involvement with Argentinian president Javier Milei-inspired LIBRA and US First Lady Melania Trump-backed MELANIA, Forbes reports.

Hayden admitted to backing the launch of LIBRA and, according to on-chain analysts, was also involved in launching MELANIA – both of which crashed mere hours after launch and are down 92% and 94% from their highs, respectively.

Says prosecutor Gregorio Dalbón,

“I’m here to request the immediate detention of Hayden Mark Davis, a citizen of the United States, who is accused of being one of the principal actors behind the launch of the cryptocurrency LIBRA…

The possibility that Davis will abandon his country of residence or hide to avoid answering for his alleged acts appears to be aggravated by the economic resources he possesses, which he can use to move or remain in hiding, hindering our investigation.”

President Milei quickly disavowed LIBRA, claiming that he was essentially deceived into backing its launch.

Said Milei in Spanish,

“I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).

To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the a**.”

Forbes says that Davis, his brother Gideon and his father Charles didn’t respond to a request for comments.

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Argentina’s Comisión Nacional de Valores (CNV) has introduced new regulations for virtual asset service providers (PSAVs), requiring them to comply with registration, cybersecurity, anti-money laundering, and asset custody standards to ensure transparency and consumer protection in the crypto sector.

The regulatory framework — dubbed Resolution No. 1058 — was approved following a public consultation process and aligns with legislation that grants the CNV authority over virtual asset service providers.

The new rules mandate stringent operational guidelines and impose severe penalties for non-compliance on companies facilitating transactions, custody, or intermediation of digital assets.

CNV President Roberto E. Silva emphasized the importance of striking a balance between effective regulation and fostering innovation.

He said the regulator had worked extensively to ensure the regulation was both effective and aligned with the law while avoiding unnecessary costs that could hinder the industry’s growth. Silva also noted that the framework incorporates input from industry stakeholders who participated in the public consultation.

New rules

Under the new rules, PSAVs must implement robust information security policies to protect users from cyber threats. They are also required to maintain prudent financial safeguards for asset custody, ensuring proper segregation of client funds.

Additionally, providers must disclose agreements with third parties, including partnerships with financial institutions, custodians, and foreign affiliates. Annual audits will be mandatory to verify compliance with the framework.

Companies seeking to operate legally in Argentina must register with the CNV within the designated deadlines. The full regulatory framework will take effect on Dec. 31, 2025.

However, individuals providing virtual asset services must complete registration by July 1, 2025, while domestically incorporated firms have until Aug. 1, 2025. Meanwhile, foreign entities must register by Sept. 1, 2025.

Broad enforcement powers

The resolution gives the CNV broad enforcement powers. It can suspend or revoke the licenses of non-compliant service providers and, in coordination with judicial authorities, block unregistered PSAVs from operating in Argentina.

Furthermore, virtual assets that qualify as publicly offered securities will remain subject to Argentina’s Capital Markets Law (No. 26,831), placing them under additional oversight.

While the CNV emphasized that it does not regulate cryptocurrencies themselves, the new framework represents a significant step toward formal oversight of Argentina’s digital asset sector.

The move aligns with global trends, as regulators worldwide seek to address risks associated with digital asset platforms while fostering responsible industry development.

Argentinian President Javier Milei said it would be “an honor” for Argentina to host the next edition of Devconnect, a gathering of independent events that foster the growth of the Ethereum ecosystem. 

Milei made the statement in response to Vitalik Buterin’s praise of Argentina’s Ethereum community. He said the energy and determination of builders based in the country are real and the event should be held there.

The Ethereum co-founder assessed that the recent LIBRA memecoin scandal should not be seen as a reason to stop believing in crypto but as a motivation to spread education.

He added:

“I continue to be very optimistic about Argentina and Latam’s contributions and role in the space.”

In another X post, Buterin suggested that the next edition of Devconnect should be hosted in Argentina. He said this could be a “great opportunity” to showcase good examples of crypto usage to the Argentinian community and then tagged Milei in the post.

Milei responded via social media:

“THANK YOU VERY MUCH VITALIK BUTERIN  FOR YOUR WORDS ABOUT ARGENTINE TALENT!!! It would be an honor for Argentina to host Devconnect. I agree that it would be a great opportunity for our country.”

According to Chainalysis’ “2024 Geography of Crypto Report,” Argentina has the 15th-largest crypto adoption index and leads Latin America in crypto value received, at an estimated $91.1 billion between 2023 and 2024.

LIBRA controversy

The interactions between the Argentinian President and the Ethereum co-founder come in the backdrop of significant controversy. Milei endorsed the memecoin LIBRA on Feb. 14, saying the token was a way to fund Argentinian ventures. 

The token reached a $4.5 billion valuation before crashing 95% over the weekend. A report by Nansen estimated that 86% of traders lost $251 million, and 70% of wallets trading the token over the weekend endured losses.

Hayden Davis, a key figure behind LIBRA, said in an interview that Milei had no financial stake in the token after the fiasco. Davis reportedly claimed to influence the Argentinian President by paying Milei’s sister.

Notably, Milei said he did not intend to promote the token and only shared it on social media as a gesture of good faith toward the industry.

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Author

Gino Matos

Reporter at CryptoSlate

Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

Editor

Assad Jafri

Editor & Reporter at CryptoSlate

AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.