Latin America’s crypto scene continues to evolve, with new products and regional expansions highlighting its rapid growth.

This week’s most notable news is that Costa Rica moves forward with its plans to regulate crypto activities in the country as the sector rapidly expands.

Panama, on the other hand, is introducing blockchain technology into rice production, becoming a regional leader in agricultural innovation.

Costa Rica’s Legislative Assembly has submitted a ground-breaking law to regulate Virtual Asset Service Providers (VASPs), which includes cryptocurrency exchanges.

This legislation seeks to strengthen the General Superintendency of Financial Institutions (Sugef) capabilities by establishing a more robust framework for overseeing and controlling cryptocurrency transactions.

If passed, the bill would require exchanges to develop client identification systems and rigorous Know Your Customer (KYC) processes.

One of the bill’s core sections requires exchanges to gather and store detailed client and transaction data, particularly for politically exposed individuals and users in high-risk countries.

The project aims to combat money laundering and terrorism financing by ensuring compliance with international financial security requirements.

Sugef would also maintain a public list of authorised exchanges, guaranteeing that only compliant actors can operate legally.

Panama has become a regional leader in agricultural innovation after incorporating blockchain technology into rice cultivation.

The Inter-American Development Bank (IDB) and Panama’s Ministry of Agricultural Development (MIDA) are leading the project, which includes 106 local rice farmers who utilise blockchain to track crops, access real-time data, and make educated decisions that increase profitability.

Farmers’ incomes have increased by an average of 98% thanks to satellite tools and over 60,000 technical reports, while environmental impact has been reduced through climate-smart practices such as the NAMA mitigation framework.

This approach demonstrates how blockchain might promote sustainable agriculture and revolutionise business paradigms in Latin America.

A recent Emergente Analytics analysis found that 7 out of 10 Bitcoin users under 30 in Buenos Aires are students, demonstrating early acceptance among young individuals in training.

The poll, which was performed in September 2024 with 120 participants from Buenos Aires and its surrounding metropolitan region, also revealed that 80% of existing users identify as male, indicating a major gender disparity in the ecosystem’s early growth.

Interestingly, nearly 70% of women surveyed who are not yet crypto users showed a desire to begin using cryptocurrencies soon, indicating a potential shift in gender composition.

Social media emerged as the primary source of information, with perceived security, platform repute, and usability outweighing profitability and customer service when selecting a platform.

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