The cryptocurrency market in Latin America continues to evolve, with new developments and regional expansions highlighting its rapid growth.
Bybit's Strategic Expansion in Latin America
Bybit, one of the world's leading cryptocurrency exchanges, has announced a significant expansion across Latin America, focusing on key markets like Argentina, Mexico, Colombia, and Chile. With a daily trading volume exceeding $4 billion, Bybit has appointed Patricio Mesri as the new regional manager to oversee operations.
This strategy aims to boost crypto adoption through financial inclusivity measures and partnerships tailored to local needs. Bybit's entry into Latin America is part of a broader effort to provide secure and user-friendly crypto solutions for emerging economies. The exchange offers diverse products, including futures, options, and stablecoin trading, catering to clients in Mexico, Chile, and Peru.
Additionally, Bybit is committed to fostering the region's Web 3.0 ecosystem by promoting blockchain education and supporting decentralized technologies.
👉 Explore Bybit's latest offerings
Panama City Embraces Crypto for Tax Payments
Panama City has taken a groundbreaking step in technological innovation by allowing residents to pay municipal taxes using Bitcoin and Ethereum. Under Mayor Mayer Mizrachi's leadership, this initiative positions the capital as the first city in the country to offer public services via cryptocurrency.
Scheduled to begin on May 29, 2025, this shift reflects Panama's growing interest in blockchain technology, though it has sparked debate among citizens and experts. Mayor Mizrachi defends the Towerbank-backed crypto tax payment program, suggesting it could set a precedent for other Latin American cities and nations.
However, concerns about potential conflicts of interest and the lack of a clear regulatory framework have raised questions. Panama's tax laws on cryptocurrencies remain ambiguous, with critics warning that digital asset volatility could strain government finances. Despite this, city leaders view the project as a step toward greater transparency, efficiency, and international investment.
👉 Learn about crypto tax innovations
Robinhood Acquires Canadian Crypto Firm WonderFi
Robinhood Markets Inc. announced on Tuesday its acquisition of Canadian cryptocurrency company WonderFi Technologies Inc. for CAD 250 million ($179 million) in an all-cash deal. This marks a significant step in Robinhood's international expansion and strengthens its digital asset portfolio.
The transaction values WonderFi's shares at CAD 36 per share, a 41% premium over its last closing price. This acquisition aligns with Robinhood's strategy to diversify beyond its origins as a commission-free stock trading platform.
Robinhood's buying spree, including its $200 million purchase of crypto exchange Bitstamp in 2024, underscores its commitment to expanding its crypto business. By acquiring established platforms like Bitbuy and Coinsquare, the company gains market access and a ready-made user base.
FAQs About Cryptocurrency in Latin America
Q: Which countries are leading in crypto adoption in Latin America?
A: Argentina, Mexico, Colombia, and Chile are among the top markets, with growing interest in Bitcoin and decentralized finance (DeFi).
Q: How does Panama's crypto tax payment system work?
A: Residents can pay municipal taxes using Bitcoin or Ethereum through a program backed by Towerbank, starting in 2025.
Q: What are Bybit's plans for Latin America?
A: Bybit aims to enhance crypto adoption through localized partnerships, education, and a diverse product lineup, including futures and stablecoin trading.
Q: Why did Robinhood acquire WonderFi?
A: The acquisition strengthens Robinhood's crypto exchange capabilities and accelerates its expansion into international markets.
Q: Are there risks to paying taxes with cryptocurrency?
A: Yes, price volatility and unclear regulatory frameworks could pose challenges for both taxpayers and governments.
Q: How is Web 3.0 developing in Latin America?
A: Initiatives like Bybit's educational programs and support for blockchain technology are driving growth in decentralized applications and services.