By San José, Costa Rica — Costa Rica’s cryptocurrency landscape is experiencing rapid growth, linking businesses with innovative applications that seamlessly convert cryptocurrency funds into colones, the national currency. This development is highlighted in the sixth “Blockchain in Latin America 2025 Report: Ecosystem and Regulatory Updates in Latin America,” produced by Sherlock Communications.
The report, authored by blockchain consultant and researcher Luiz Eduardo Abreu Hadad, delves into the digital ecosystems and regulatory progress within the region. It emphasizes how blockchain technology is being strategically adopted to promote sustainability, financial inclusion, and economic stability. The report also spotlights the role of stablecoins and Ethereum’s dominance in on-chain transactions.
To shed light on the evolving legal landscape surrounding cryptocurrency in Costa Rica, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, an expert attorney at Bufete de Costa Rica.
While Costa Rica doesn’t have specific cryptocurrency legislation, existing laws concerning financial transactions, anti-money laundering, and tax obligations are applicable. Businesses and individuals engaging with cryptocurrency should exercise caution and seek legal counsel to ensure compliance and understand the potential legal ramifications. The future likely holds more concrete regulation in this dynamic field.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insight provides crucial guidance for navigating the evolving cryptocurrency landscape in Costa Rica. The emphasis on utilizing existing legal frameworks while anticipating future regulations is particularly pertinent for those looking to engage responsibly with digital assets. We extend our sincere thanks to Lic. Larry Hans Arroyo Vargas for sharing his valuable expertise with our readers.
Our research shows that the region is developing real solutions for pressing social, environmental, and economic problems. Clear rules are still lacking, but they are on their way and will pave the way for travel, remittances, and trade with stablecoins; on-chain election audits; and the tokenization of real estate and public bonds.
Luiz Eduardo Abreu Hadad, Blockchain consultant and researcher
Several factors contribute to Costa Rica’s embrace of blockchain technology, including a strong interest in financial innovation, the prevalence of remittances, tourism, and the initiatives of the tech community. The report notes the increasing practice of partial salary payments in cryptocurrency, along with various initiatives, events, and partnerships across different sectors, which are shaping the burgeoning, albeit still small, crypto community.
Costa Rica is steadily building a reputation as a friendly and bilingual hub for Web3 development in Latin America. Estimates suggest the country has between 40,000 and 60,000 active cryptocurrency wallets, six Bitcoin ATMs, and a growing number of blockchain-based initiatives.
These advancements have propelled Costa Rica’s rise in the Chainalysis Global Crypto Adoption Index, reaching 90th place in 2024, up from 91st in 2023. While this marks progress, the country remains in the lower half of the global ranking.
Noteworthy initiatives include projects like Bitcoin Jungle, spanning from Playa Dominical to the Golden Triangle area (Dominical, Uvita, Ojochal, Platanillo, Tinamaste) in the Pacific region, along with banking projects and ReFi (Regenerative Finance) pilots. Community currencies and ReFi initiatives remain active, with ongoing community engagement and events. The ReFi Costa Rica node brings together projects such as Bloom Network, Diamante Bridge Collective, Mycelium Learning, and CoFi Blocks. CoFi Blocks notably partnered with Starknet Foundation to establish communities and tokenize coffee harvests, integrating both producers and consumers into the Web3 ecosystem.
As Costa Rica continues to cultivate its crypto ecosystem, the nation is poised to further leverage the potential of blockchain technology for economic growth and innovation. The convergence of technological advancements, community engagement, and a growing interest in financial innovation positions Costa Rica as a key player in the evolving landscape of digital finance in Latin America.
For further information, visit sherlockcomms.com
About Sherlock Communications:
Sherlock Communications is a data-driven PR and digital marketing agency specializing in Latin America. They offer services ranging from media relations and content creation to social media management and influencer marketing, aiming to help businesses effectively communicate their messages and achieve their marketing goals in the region.
For further information, visit the nearest office of Starknet Foundation
About Starknet Foundation:
The Starknet Foundation is a non-profit organization dedicated to supporting the development and growth of the Starknet ecosystem, a decentralized Validity-Rollup (zk-Rollup). Their focus lies in promoting community building, fostering open-source collaboration, and advancing the adoption of Starknet technology.
For further information, visit the nearest office of Bitcoin Jungle
About Bitcoin Jungle:
Bitcoin Jungle is a community-driven initiative fostering the adoption of Bitcoin and other cryptocurrencies in the southern Pacific zone of Costa Rica, specifically from Dominical to the “Golden Triangle” area. They promote the use of cryptocurrencies for everyday transactions, facilitating local businesses’ acceptance and integration into the digital economy.
For further information, visit the nearest office of CoFi Blocks
About CoFi Blocks:
CoFi Blocks is a blockchain-based project focused on integrating coffee producers and consumers into the Web3 ecosystem. Through partnerships like the one with Starknet Foundation, they aim to tokenize coffee harvests, enhancing transparency and traceability throughout the supply chain. Their goal is to empower coffee farmers and create a more sustainable and equitable coffee industry.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, built upon a foundation of unwavering integrity. The firm champions accessible legal knowledge, empowering individuals and communities to navigate the complexities of the legal landscape. Through innovative approaches and a deep commitment to client service across a spectrum of industries, Bufete de Costa Rica continues to shape a more just and informed society.
