Welcome to Latam Insights, a compilation of the most relevant crypto news from Latin America over the past week. In this week’s edition, crypto rallied after Venezuela’s military intervention, Colombia overhauls reporting standards for exchanges, and Coinbase suspends USDC onramp services in Argentina.
Latam Insights: Venezuela's Crypto Rally, Colombia Overhauls VASP Reporting
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Crypto Rallies as Venezuela Shock Shifts Risk Mood
After weeks of tight trading in December, crypto prices broke higher during early Asian hours. Bitcoin moved above $92,000, while ether cleared $3,100, tracking gains in equities and a drop in oil prices.
The timing mattered. Markets reacted to a U.S. operation that resulted in the detention of Venezuela’s Nicolás Maduro, a development that rippled across commodities and risk assets. Crypto’s alignment with that broader move is feeding talk of a regime shift as the new year begins. With year-end tax loss selling behind the market and a new U.S. crypto bill expected, bullish narratives appear to be gaining traction.
Colombian Tax Watchdog Strengthens VASP Reporting Requirements
The National Directorate of Taxes and Customs (DIAN) has issued a new resolution that sets the bases for a new reporting regime for virtual asset service providers (VASPs) operating in the country.
Resolution 000240 establishes that all exchanges will now become de facto informers for the agency, reporting on the transactions of their users and other details, including the cryptocurrency assets involved in these movements and other relevant information.
The measure answers to the need to adapt the national standards to the Crypto Assets Reporting Framework (CARF), a global initiative led by the Organization for Economic Co-operation and Development (OECD).
Coinbase Suspends USDC on-Ramping Services in Argentina
Coinbase has announced significant changes to its direct fiat-to- crypto onramp services in Argentina.
In an email sent to its users, the exchange reported that it would suspend sales and purchases of USDC, the second-largest stablecoin, using Argentine pesos. The measure would be part of a reevaluation of the products the company offers in the country to ensure an efficient experience for its community.
Coinbase informed that Argentines will be able to purchase or sell USDC using banking services until January 31, when this measure takes effect. All other operations involving other currencies will continue to be available for its regular customers.
FAQ
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What recent event caused a surge in cryptocurrency prices?
Crypto rallied as Bitcoin surpassed $92,000 and ether cleared $3,100 following the U.S. detention of Venezuela’s Nicolás Maduro. -
What new reporting requirements has Colombia implemented for VASPs?
The National Directorate of Taxes and Customs (DIAN) issued Resolution 000240, requiring all exchanges to report user transactions and cryptocurrency details. -
What changes has Coinbase made regarding its services in Argentina?
Coinbase has suspended the purchase and sale of USDC using Argentine pesos, effective January 31, while other currency operations will remain available.
