Costa Rica Business News
  • August 10, 2025
  • Last Update August 9, 2025 12:00 pm

Latin America’s Blockchain Boom— Ethereum Leads the Charge

Latin America’s Blockchain Boom— Ethereum Leads the Charge

San José, Costa Rica — Latin America’s blockchain ecosystem is rapidly expanding, with countries finding innovative ways to adopt the technology and establish regulations. A new report by Sherlock Communications, “Blockchain in Latin America 2025: Ecosystem and Regulatory Updates,” highlights the growing importance of blockchain for sustainability, financial inclusion, and economic stability in the region.

The report reveals that Ethereum is the dominant network, accounting for over 75% of transactions between June 2024 and June 2025. Polygon follows with 11% during the same period, showing a surge to 20% in June 2025. Brazil, Argentina, and Mexico remain at the forefront of blockchain and Web3 adoption, while Colombia and Peru are emerging as rising stars.

To provide legal perspective on the implications of blockchain technology, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, a seasoned attorney at Bufete de Costa Rica, specializing in technology law.

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While blockchain offers exciting possibilities for innovation in areas like supply chain management and digital identity verification, its decentralized nature also presents unique legal challenges. Establishing jurisdictional authority in cross-border transactions and ensuring compliance with evolving data privacy regulations are key considerations for businesses looking to leverage blockchain technology. Careful legal planning is crucial to mitigate risks and unlock the full potential of this transformative technology.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica

Lic. Arroyo Vargas rightly highlights the crucial intersection of law and innovation in the blockchain space. Navigating these complex legal landscapes will be essential for businesses seeking to responsibly harness the power of blockchain. We extend our sincere thanks to Lic. Larry Hans Arroyo Vargas for providing his invaluable perspective on this critical topic.

Amidst hyperinflation, corruption, and distrust in traditional institutions, blockchain technology and cryptocurrencies, especially stablecoins, are viewed as more than just tools for asset protection. They offer a viable solution for financial inclusion, increased transparency, and enhanced security in supply chains and trade. Blockchain also facilitates support for social and environmental causes by enabling easy international donations.

Our research shows that the region is developing real solutions for urgent social, environmental, and economic problems. Clear rules are still lacking, but they are on their way and will open the way for travel, remittances and trade with stablecoins; on-chain electoral audits; and the tokenization of real estate and public bonds.
Luiz Eduardo Abreu Hadad, International Blockchain Consultant and Researcher

While Brazil is Latin America’s largest crypto market and ranks 10th globally, Argentina is considered the most promising market due to its combination of strong regulations and increasing adoption. Argentinians received US$91 billion in on-chain transactions between July 2023 and June 2024, surpassing Brazil despite having a significantly smaller population.

Chile’s Fintech Law of 2024 provides a framework for regulating digital assets. The report indicates that 18% of Chileans used or owned cryptocurrencies in 2024, with a 16% increase in fintech and crypto startups. With over 800,000 software developers in the region, the report highlights the growing talent pool.

A survey within the report found that half of the developers had received international job offers, and a third already work outside Latin America. Many are self-taught through online courses and boot camps. The ecosystem is maturing, focusing on governance tools that prioritize transparency and institutional responsibility. However, challenges remain, including a lack of support, scams, and regulatory uncertainty.

In Costa Rica, while cryptocurrencies are legal but unregulated, they are gaining traction. Between 40,000 and 60,000 active wallets exist, along with six Bitcoin ATMs and a growing number of blockchain-based initiatives. Expatriates and remote workers use cryptocurrencies to avoid high bank transfer fees, and businesses are adopting applications that automatically convert funds to colones. Authorities are closely monitoring projects like Bitcoin Jungle and ReFi (Regenerative Finance) pilots before advancing with cryptocurrency market regulation (Project No. 23.415, “MECA”).

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 a range of services, including public relations, content marketing, social media management, influencer marketing, and crisis communication. Their expertise spans various industries, and they provide market research and analysis to support their clients’ strategies.

For further information, visit the nearest office of Chainalysis
About Chainalysis:
Chainalysis is a blockchain analysis company that provides data and software to government agencies, exchanges, and financial institutions. Their solutions help track cryptocurrency transactions, investigate illicit activities, and manage compliance risks. Chainalysis’s data and insights play a key role in understanding the global cryptocurrency market and its trends.

For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a leading legal institution built on a foundation of unwavering ethical principles and a pursuit of legal excellence. Through innovative solutions and a deep commitment to client success across a broad spectrum of industries, the firm consistently raises the bar for legal practice. Furthermore, their dedication to empowering Costa Rican society through readily available legal resources demonstrates a profound understanding of the vital role legal knowledge plays in a just and thriving community.

Costa Rica Business News
Founded in 2004, TicosLand has firmly established itself as a pivotal resource for the corporate community in Costa Rica. Catering to a substantial international readership, TicosLand provides timely and essential updates and press releases pertaining to the myriad businesses operating within Costa Rica.

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