LATAM crypto update: Colombia plans crypto regulations, Nexo and Sphere to reduce cross-border payment times

LATAM’s cryptocurrency landscape continues to grow.

This week, a key development was Colombia’s new initiative to regulate crypto activities in response to increasing risks and challenges.

Meanwhile, Nexo and Sphere partnered to significantly reduce cross-border payment settlement times in Latin America, cutting them from days to just hours.

Colombia’s new regulatory framework for crypto activities

Colombia announced a project to regulate the digital assets activities in the country.

This initiative was led by one of the few advocates of blockchain technology, Senator Gustavo Moreno.

Cointelegraph reported that the plan aims to promote innovation in blockchain projects while protecting users.

It emphasizes the importance of regulation in emerging financial technologies.

Since more than 5 million Colombians carried out operations with cryptocurrencies and close to 50 trillion Colombian pesos (about $13.3 billion) were traded in the last year, concerns about scams and illegal activities are growing.

Moreno stressed that the lack of a good legal framework means that many Colombians are exposed to fraud.

This is where the proposed legislation comes in, he said.

The goal is to promote blockchain technology, regulate the industry, and establish a framework that prioritises transparency and user protection.

These initiatives are crucial for boosting consumer and investor confidence in Colombia’s crypto market and advancing blockchain technology across many industries.

Nexo and Sphere partner to transform cross-border payments in LATAM

To advance the cross-border payment landscape in Latin America, Nexo, a digital asset platform, announced its strategic partnership with Sphere, a provider of scalable blockchain-based solutions.

The partnership is designed to offer a fast, low-cost, and regulation-compliant settlement.

According to Cointelegraph, the collaboration aims to help make it more convenient to conduct international commercial payments.

At the center of this partnership is the concept of “almost instant settlement,” since Sphere’s infrastructure decreases the payment settlement time from days to hours.

Nexo and Sphere are accelerating payment processes for businesses dealing with the growing pain of cross-border transactions by offering a more cost-effective and convenient solution.

According to both Nexo and Sphere, this partnership is crucial in a rapidly changing fintech landscape, particularly in regions affected by economic uncertainty.

This partnership connects legacy and digital assets for faster transaction speeds whilst remaining compliant, said Savina Boncheva, COO of Nexo,

MERGE Buenos Aires: blockchain and Web3 convention set for 2025

Organizers of the event told Cointelegraph that the gathering “will present the most relevant innovations of blockchain and Web3 technology in Argentina.”

The goal is to establish Buenos Aires as the hub for one of today’s most disruptive sectors.

MERGE Buenos Aires aims to unify tech culture and business, inspired by the success of its last edition in Madrid, where it brought over 2,500 attendees and 250 international experts together.

This planned event will enrich cooperation between stakeholders.

MERGE Buenos Aires will unite the leaders of the largest technology and financial corporations, the most promising startups, legacy institutions, and government figures from around the world for three days.

Participants will discuss technology transformation policies aimed at integrating traditional finance and cryptocurrency to meet global financial needs.

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