Latin America is one of the largest addressable markets for crypto, and Argentina is one of the countries with the largest adoption in the region. Sherlock Communications, a Latam-focused firm, released its Blockchain Latam Report 2025, where it is specified that Argentina has surged as one of the cryptocurrency adoption hubs in the region, even over Brazil.

The document offers an overview of crypto adoption and regulation in Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, El Salvador, Mexico, Paraguay, and Peru.

Comparing all of these nations, Sherlock Communications declared that while “Brazil remains the largest cryptocurrency market in Latin America,” Argentina has been making strides, becoming the country with “the most successfully consolidated regulation and adoption of digital currencies.”

The firm reinforces that while Argentina was placed at the 4th regional place in Chainalysis’s latest global adoption index, Argentines received $91 billion onchain between July 2023 and June 2024. This makes it the most active country receiving crypto, even overtaking Brazil, which has only a fifth of its population.

Sherlock Communications establishes a difference that might offer an insight into the difference in the level of adoption between these two countries. While Brazil’s adoption is led by traditional finance institutions, hinting at a top-down process, Argentina’s crypto moves are dominated by cryptocurrency exchanges, traditionally more open to users.

Brazil also has a somewhat high level of adoption, estimated to be at around 4% of the population (nearly 6.5 million). Nonetheless, Sherlock Communications notes that the recent anti-crypto moves of the Brazilian government “have the potential to drive the domestic market offshore” due to the ease of access to foreign crypto platforms.

“The Brazilian government clearly does not understand how the crypto community thinks and acts,” the firm concluded, painting a bleak panorama for the future of crypto in one of the world’s largest economies.

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