---
title: "Stablecoins in Latin America: regulation by country for issuing, offering and paying"
url: "https://www.unknowngravity.com/en/articulos/stablecoins-in-latin-america"
site: Unknown Gravity
published: "2026-10-13T13:42:41+00:00"
modified: "2026-10-13T13:42:42+00:00"
language: en-US
description: "Latin America has no common regime for stablecoins: of the seven countries in this guide, only El Salvador has its own regulation for issuing them, since February 2026 Brazil has brought their…"
section: "Home > Cryptocurrencies and tokens > Stablecoins in Latin America: regulation by country for issuing, offering and paying"
---

# Stablecoins in Latin America: regulation by country for issuing, offering and paying

**Latin America has no common regime for stablecoins: of the seven countries in this guide, only El Salvador has its own regulation for issuing them, since February 2026 Brazil has brought their purchase and sale by virtual asset service providers into the foreign exchange market, Chile has the legal basis but not the central bank rule, and elsewhere the rules target banks and the providers that offer them.** Here we summarize, country by country, what each regulator says today about issuing, offering and using stablecoins, citing the rule and the article. We add the US (GENIUS Act) and European Union (MiCA) frameworks, which regulate issuers, and one concrete use case: remittances.

## Issuing, offering and using: three different questions

A [stablecoin](/en/glosario/stablecoin) is a crypto-asset that aims to keep a stable value by referencing an official currency or other assets. Each framework names it differently: e-money token in MiCA (art. 3(1)(7)), *ativo virtual referenciado em moeda fiduciária* (fiat-referenced virtual asset) in Brazil's BCB Resolution 520 (art. 2, II), *moneda estable* in the CNAD regulation in El Salvador (art. 4(c)) and payment stablecoin in the GENIUS Act (Sec. 2(22)). To know what is allowed in a country, it helps to separate three questions:

- **Issuing:** who can create the stablecoin, with what reserves and what redemption right.
- **Offering:** what registration or authorization the exchange, custodial wallet or payment gateway that sells or holds it needs.
- **Using:** whether a bank can deal in it, whether a stablecoin payment or remittance is a foreign exchange transaction and which anti-money laundering duties apply.

## Table: stablecoins country by country (October 2026)

| Country | Regulators | Issuing | Offering (providers) | Using (banks and payments) |
| --- | --- | --- | --- | --- |
| Mexico | Banxico, CNBV, SHCP | Not authorized: managing balances in stablecoins has not been authorized (joint statement of June 28, 2021) | Outside the financial system, exchange through platforms is a vulnerable activity for AML purposes (LFPIORPI, art. 17, sec. XVI) | Banks and fintech institutions (ITFs): internal operations only, with Banxico authorization (Circular 4/2019, provision 3) |
| Argentina | CNV, BCRA, UIF | No specific regime. For tokenization, the CNV requires stating whether virtual assets will be used, stablecoins included as long as their use is not restricted (CNV Rules, Title XXII, art. 12(g)) | VASP (PSAV) registration with the CNV, foreign providers included (Law 27,739, arts. 37 and 39) | Banks and payment service providers with payment accounts cannot carry out or facilitate unauthorized digital asset transactions (BCRA, sections 1.1 and 4.6) |
| Brazil | Central Bank (BCB); CVM if it is a security | No regime for issuers: BCB Resolution 520 defines the stablecoin and its reserve assets (art. 2, II and III) and bars providers from offering stablecoins whose reserves are controlled by algorithms (art. 65, para. 3) | Virtual asset service providers authorized by the BCB (those already operating may continue while their application is pending, if they filed on time: Res. 520, art. 88); criteria for listing stablecoins (Res. 520, art. 65) | International payments with virtual assets and the purchase, sale or exchange of stablecoins by providers are part of the foreign exchange market (Res. 521); since October 1, 2026, eFX providers cannot settle with virtual assets (Res. 561), and from November 6, 2026, banks and payment institutions cannot deal with unauthorized providers (Res. 520, art. 91) |
| Colombia | SFC, Banco de la República, UIAF, DIAN | No rule: no crypto-asset law and no stablecoin regime | No specific license: reporting to the UIAF (Resolution 314 of 2021) and to the DIAN (Resolution 000233 of 2025) | SFC-supervised entities are not authorized to deal in crypto-assets (Opinion 2020259314-001) |
| Chile | Central Bank, CMF | Legal basis not yet developed: the Central Bank must set the standards by general rule (Law 21,521, arts. 30 and 31) | Services involving crypto-assets require registration and authorization by the CMF (Fintech Law) | No Central Bank rule as of October 13, 2026 |
| El Salvador | CNAD | Dedicated regulation: registration, 1:1 reserves and quarterly attestations (Stablecoin Regulation, arts. 5, 9 and 11) | Digital asset service providers (PSADs) registered with the CNAD | PSADs cannot trade stablecoins on the CNAD Risk List (art. 18) |
| Peru | SBS (UIF-Perú), BCRP, SMV | No rule on stablecoins | No license: VASPs are AML reporting entities before the UIF-Perú (Supreme Decree 006-2023-JUS; SBS Resolution 02648-2024) | No specific rule; the travel rule is postponed to January 1, 2029 (SBS Resolution 01917-2026) |

The US and EU frameworks are not in the table; we explain them below because they apply to the issuers of dollar and euro stablecoins.

## Country by country

### Mexico: Banxico closes the door to banks and fintech institutions

Mexico's Fintech Law (LRITF) only allows fintech institutions (ITFs) to deal in the virtual assets that the Bank of Mexico (Banxico) determines, with its prior authorization (art. 30); banks also need Banxico authorization (art. 88). Banxico implemented this in Circular 4/2019: banks and ITFs may only carry out internal operations with virtual assets, without passing the risk on to their customers, and direct exchange, transfer or custody services for customers cannot be authorized (provision 3). On stablecoins, the joint statement by Banxico, the Ministry of Finance (SHCP) and the CNBV of June 28, 2021 said that offering to manage peso or foreign currency balances through distributed ledger schemes known as stablecoins had not been authorized in Mexico. It is a statement, not a rule, but it reflects the position of the three authorities. In addition, the Fintech Law (art. 30) and the AML law (LFPIORPI, art. 17, sec. XVI) exclude from the concept of virtual asset any asset denominated in legal tender or foreign currency, and the statement recalls that exclusion when discussing stablecoins, so whether a peso or dollar stablecoin is a virtual asset under those laws is an open question.

Outside the financial system, regularly offering virtual asset exchange through platforms, including custody or transfer, is a vulnerable activity under the anti-money laundering law, including transactions with Mexican citizens from another jurisdiction (LFPIORPI, art. 17, sec. XVI). SHCP Agreement 115/2026 (Official Gazette, August 7, 2026), effective November 30, 2026, renames chapter II Bis of that law's general rules as registration of virtual asset service providers. More context in [asset tokenization in Mexico](/en/articulos/asset-tokenization-in-mexico).

### Argentina: VASP registration with the CNV, banks kept out

Law 27,739 (Official Gazette, March 15, 2024) created the virtual asset service provider (PSAV, the local term for VASP), made it a reporting entity before the Financial Intelligence Unit (UIF) (art. 14) and gave the securities regulator, the CNV, its registry and supervision (art. 37). Every VASP, whether incorporated in Argentina or abroad, must register (art. 39). The final regime is CNV General Resolution 1058/2025, in force since May 26, 2025. That regime does not mention stablecoins: the CNV only refers to them in passing for tokenization, where the issuance document must state whether virtual assets will be used, including stablecoins as long as their use is not restricted (CNV Rules, Title XXII, Chapter I, art. 12(g)).

The Central Bank (BCRA) keeps its 2022 line: financial institutions cannot carry out or facilitate digital asset transactions for their customers unless a national regulator or the BCRA has authorized those assets (consolidated rules on complementary services, section 1.1, as set by Communication A 7506; version as of September 29, 2026). The same prohibition applies to payment service providers that offer payment accounts (consolidated rules on payment service providers, section 4.6, since Communication A 7759). In its July 2026 Financial Stability Report, which is not a rule, the BCRA describes stablecoin adoption in the country as limited. Registration details in [asset tokenization in Argentina](/en/articulos/asset-tokenization-in-argentina).

### Brazil: the Central Bank regulates providers and treats certain stablecoin transactions as foreign exchange

Law 14,478 of December 21, 2022 requires prior authorization for virtual asset service providers (art. 2), and Decree 11,563/2023 appointed the Banco Central do Brasil to regulate, authorize and supervise them (art. 1). Assets that are securities fall outside this regime and remain under the securities regulator, the CVM (Decree 11,563, art. 3; Law 14,478, art. 1, sole paragraph). BCB Resolutions 519, 520 and 521 of November 10, 2025 implement that framework from February 2, 2026 (some parts of Resolution 521, from May 4, 2026):

- **Definition (Res. 520, art. 2, II and III):** a stablecoin is a virtual asset backed by reserve assets to keep its value tied to a fiat currency; the reserves are that currency and government bonds issued by the governments that issue it.
- **Listing (Res. 520, art. 65):** before offering a stablecoin, the provider must assess, among other points, its regulatory standing in the issuer's home country, the quality of its stabilization mechanism and the evidence that its reserves are in place.
- **Foreign exchange (BCB Res. 277, art. 76-A, added by Res. 521):** the following provider services are part of the foreign exchange market: international payments and transfers with virtual assets, transfers tied to the international use of cards, transfers to or from self-custodied wallets, and the purchase, sale or exchange of stablecoins in which the provider is the buyer or seller. The provider must identify the owner of the self-custodied wallet and verify where the assets come from and go to (para. 5).
- **Cap:** a virtual asset service company cannot exceed the equivalent of USD 100,000 in an international payment or transfer with virtual assets when the counterparty is not an institution authorized to deal in foreign exchange (Res. 277, art. 29, IV, added by Res. 521).

More on the CVM and securities tokenization in [asset tokenization in Brazil](/en/articulos/asset-tokenization-in-brazil).

### Colombia: no crypto-asset law, and banks kept out

Colombia has no law on crypto-assets or on virtual asset service providers: House bill 510 of 2025, which would have regulated them, is listed as archived. The financial regulator, the Superintendencia Financiera (SFC), says on [its website](https://www.superfinanciera.gov.co/publicaciones/10115324/) that trading or transactions in crypto-assets are not regulated or supervised by any state authority in the country. It also holds that its supervised entities are not authorized to invest in, hold in custody, intermediate or deal in crypto-assets (Opinion 2020259314-001, December 18, 2020). The SFC's sandbox pilot, the arenera, with seven partnerships between supervised entities and exchanges, ended on June 13, 2024. The peso is the only legal tender (Law 31 of 1992, arts. 6 and 8).

What is binding are reporting duties. Virtual asset service providers in Colombia must report to the UIAF, the financial intelligence unit (UIAF Resolution 314 of 2021). And digital asset service providers domiciled in Colombia or operating in the country must report to the tax authority, the DIAN, user by user, the transactions that convert legal tender into digital assets or the reverse, mandatorily from tax year 2026 (DIAN Resolution 000233 of 2025, which adds art. 1.3.12.21 to Resolution 000227 of 2025; form 2856). There is no specific rule for stablecoins. More in [asset tokenization in Colombia](/en/articulos/asset-tokenization-in-colombia).

### Chile: the Fintech Law leaves the decision to the Central Bank

Law 21,521 (the Fintech Law) does not regulate stablecoins as a category of their own. Its article 30 amended Law 20,950 so that prepaid payment instruments include distributed ledger representations of units whose value is directly determinable and backed by money, subject to the standards that the Central Bank of Chile sets by general rule. Article 31 did the same for payment orders under the Central Bank's organic law and extended the concept of foreign currency to representations backed by a foreign currency. As of October 13, 2026, the Central Bank has not issued that general rule. Meanwhile, the financial regulator (CMF) holds that crypto-assets qualify as financial instruments under the Fintech Law (Official Letter 101082, June 12, 2026), so anyone providing services involving them needs registration and authorization. More in [asset tokenization in Chile](/en/articulos/asset-tokenization-in-chile).

### El Salvador: a dedicated regulation for issuing stablecoins

The Digital Asset Issuance Law (LEAD, Legislative Decree 643, Official Gazette of January 24, 2023) tasks the National Commission of Digital Assets (CNAD) with issuing technical rules for stablecoins, including proof of funds (art. 9(q)). The CNAD approved its Regulation on Public Offerings of Stablecoins on July 10, 2023 (session CNAD-025-2023):

- **Who can issue (art. 3):** the State and autonomous public institutions, banks and other entities authorized by the Superintendence of the Financial System, top-tier foreign banks registered as PSADs, PSADs, and other issuers registered and authorized by the CNAD. Algorithmic stablecoins are excluded (art. 2).
- **Reserves (arts. 9 and 10):** at least one to one at all times; at least 70% in assets that can be liquidated within 30 days and 30% in assets that take longer than 30 days.
- **Reporting (art. 11):** a monthly sworn statement on reserves and quarterly attestations by an external auditor, published on the issuer's website.
- **Fee (LEAD, art. 12):** 0.01% of what the issuer plans to issue over the next 12 months. If it cannot be projected, the issuer pays at year end on net issuance, capped at USD 300,000 (paragraph amended by Legislative Decree 781).

As of October 13, 2026, the CNAD registry lists five stablecoin issuers (EME-0001 to EME-0005), including Tether International, S.A. de C.V. (EME-0003, registered May 19, 2025). More in [asset tokenization in El Salvador](/en/articulos/tokenization-in-el-salvador).

### Peru: AML only, and the travel rule in 2029

Peru has no rule on stablecoins and no license for virtual asset service providers (VASPs). Supreme Decree 006-2023-JUS (El Peruano, July 27, 2023) made them reporting entities before the Financial Intelligence Unit (UIF-Perú), and [SBS Resolution 02648-2024](https://busquedas.elperuano.pe/api/archivo/file/Asx__fTUKw9ANSWRdZSP0x/*/2311275-1.pdf) (August 1, 2024) sets their anti-money laundering duties. The resolution itself limits its scope: it does not regulate the technology behind virtual assets or the activities or operations of VASPs (art. 2.1). Its chapter on the travel rule, the originator and beneficiary information that travels with each transfer, has been postponed to January 1, 2029 (SBS Resolution 01917-2026, article four). The National Anti-Money Laundering Policy to 2030 (Supreme Decree 010-2025-JUS) lists creating a regulatory framework for virtual asset service providers as a new measure: that framework does not exist yet. More in [asset tokenization in Peru](/en/articulos/asset-tokenization-in-peru).

## The outside benchmark: the GENIUS Act and MiCA

A Latin American company that uses a dollar or euro stablecoin also depends on the rules that apply to its issuer outside the region.

**United States: the [GENIUS Act](/en/glosario/genius-act), enacted but not yet effective.** It is Public Law 119-27, signed on July 18, 2025. It takes effect on the earlier of 18 months after enactment or 120 days after the primary federal payment stablecoin regulators issue any final regulations implementing it (Sec. 20); the Treasury expects that date to be January 18, 2027. From then on, issuing a payment stablecoin in the United States without being a permitted issuer will be unlawful (Sec. 3(a)), and anyone who knowingly participates faces fines of up to USD 1,000,000 per violation, up to 5 years in prison, or both (Sec. 3(f)); the issuer will not be able to pay interest or yield for holding it (Sec. 4(a)(11)), and stablecoins from permitted issuers will not be securities (Sec. 17). The ban on platforms offering in the United States stablecoins from foreign issuers that cannot comply with lawful U.S. orders (Sec. 3(b)(2)) applies from the effective date; the ban on offering stablecoins from non-permitted issuers (Sec. 3(b)(1)) applies from July 18, 2028. As of October 13, 2026, there are proposed rules from the OCC, the FDIC, the Federal Reserve, the NCUA, the Treasury and FinCEN, but no final rule from the primary federal regulators.

**European Union: MiCA, applicable to stablecoins since June 30, 2024 (art. 149(3)).** A stablecoin referencing a single official currency is an e-money token (art. 3(1)(7)). It can only be offered to the public in the EU if its issuer is a credit institution or an electronic money institution and has notified and published a white paper (art. 48(1)). Holders can redeem at any time and at par value (art. 49(4)), and neither the issuer nor crypto-asset service providers may pay interest (art. 50). The ESMA interim register (updated October 7, 2026) lists Circle Internet Financial Europe SAS, an electronic money institution supervised by the French ACPR, with white papers for USDC and EURC; no Tether entity appears on that register's list of e-money token issuers. More in [euro stablecoins and MiCA](/en/articulos/euro-stablecoin-mica) and [bank stablecoins](/en/articulos/bank-stablecoins).

## Use case: stablecoin remittances

Remittances are one of the uses of stablecoins in the region. The flow has three legs: the sender converts dollars or euros into a stablecoin (on-ramp), sends it over a low-cost network, and the recipient converts it into local currency (off-ramp) at an exchange, a local wallet or a cash point. The transfer is the easy part. The real cost is both ramps plus the exchange rate spread, not the network fee.

Each leg touches a different regulator:

- **Brazil:** an international payment or transfer with virtual assets handled by a virtual asset service provider is a foreign exchange transaction; if the counterparty is not an institution authorized to deal in foreign exchange, the cap per transaction is USD 100,000 for virtual asset service companies and USD 500,000 for brokers, dealers and finance companies acting as providers (BCB Res. 277, arts. 29 and 76-A). In addition, since October 1, 2026, eFX providers (the international payments and transfers service) may settle with their counterparty abroad only through a foreign exchange transaction or a nonresident real account, without using virtual assets (BCB Res. 277, art. 50, I, as amended by BCB Res. 561/2026).
- **Mexico:** an exchange platform that is not a financial institution carries out a vulnerable activity and must file notices when a customer's transaction reaches 210 UMA (Mexico's unit of measure and update) or the fee charged reaches 4 UMA, and keep originator and recipient information for each transaction (LFPIORPI, art. 17, sec. XVI, as amended on July 16, 2025).
- **Argentina:** the provider that converts into pesos must be registered as a VASP with the CNV and meet UIF requirements (Law 27,739; UIF Resolution 49/2024).
- **El Salvador:** the PSAD that delivers the stablecoin cannot trade those on the CNAD Risk List.

Some limits do not change with the channel. The last mile in cash still costs money. Regulated ramps identify the customer because of their anti-money laundering duties. The choice of stablecoin matters: a permitted issuer and a right to redeem at par value, as MiCA requires, reduce the risk. And the recipient pays tax under their own country's rules, even if the channel is new.

## What to check before integrating stablecoins in the region

- **The issuer:** which regime it issues under (MiCA, GENIUS Act, CNAD) and what redemption right it grants.
- **The provider:** whether it is registered where it operates (VASP with the CNV, provider authorized by the BCB, PSAD with the CNAD).
- **Foreign exchange treatment:** in Brazil, the flow may be a foreign exchange transaction with its own caps.
- **Banks:** in Mexico and Argentina, financial institutions cannot offer the service to end customers.
- **AML:** notices, customer identification and the travel rule, depending on the country.

This is how we approach [stablecoin payment integration](/en/servicios/stablecoin-payments) projects.

## Frequently asked questions

### Which Latin American country regulates stablecoin issuance?

Of the seven countries in this guide, El Salvador. Its Regulation on Public Offerings of Stablecoins (CNAD, 2023) sets who can issue, requires reserves of at least one to one and quarterly attestations, and the CNAD registry lists five issuers as of October 13, 2026. Brazil defines the stablecoin and regulates whoever offers it, not whoever issues it, and Chile has the legal basis (Law 21,521, art. 30) but not yet the Central Bank rule.

### Can a bank offer stablecoins to its customers in Mexico or Argentina?

Not today. In Mexico, Banxico Circular 4/2019 only allows banks and ITFs to carry out internal operations with virtual assets, with prior authorization, and not direct exchange or custody services for customers (provision 3). In Argentina, section 1.1 of the BCRA consolidated rules on complementary services prohibits financial institutions from carrying out or facilitating unauthorized digital asset transactions.

### Is a stablecoin remittance a foreign exchange transaction?

In Brazil, yes, when a virtual asset service provider handles it: since February 2, 2026, international payments or transfers with virtual assets and the purchase and sale of stablecoins by the provider are part of the foreign exchange market (BCB Res. 277, art. 76-A, added by Res. 521). And since October 1, 2026, eFX providers cannot use virtual assets to settle with counterparties abroad (BCB Res. 277, art. 50, I). In Chile, the Fintech Law already brings representations backed by a foreign currency into the concept of foreign currency, but subject to standards the Central Bank has not yet issued (Law 21,521, art. 31).

### Does the GENIUS Act affect a Latin American company?

It does if the company issues or offers a payment stablecoin in the United States. The law is enacted, but its main obligations start on the effective date, expected on January 18, 2027; Sec. 3(b)(2), which concerns foreign issuers, applies from then. Until there are final rules, it is worth following the proposals in the Federal Register.

### Does a stablecoin exchange need a license in Colombia or Peru?

Neither country has a dedicated license, but both impose duties. In Colombia, reporting to the UIAF (Resolution 314 of 2021) and to the DIAN (Resolution 000233 of 2025), and the SFC notes that its supervised entities cannot deal in crypto-assets. In Peru, a VASP is a reporting entity before the UIF-Perú and must comply with SBS Resolution 02648-2024. Neither country has a specific rule for stablecoins.

## How we work with stablecoins in Latin America

At Unknown Gravity we build the technical side of stablecoin payments: wallet and smart contract integration, connections to regulated on-ramp and off-ramp providers, and reconciliation with the client's systems. Before designing the flow, we review with local legal counsel which registration or authorization each country requires and who must hold it. That authorization is held by the client or by the regulated provider we integrate with, not by us.

## Official sources

- [Bank of Mexico, SHCP and CNBV: statement on virtual assets (June 28, 2021)](https://www.banxico.org.mx/publicaciones-y-prensa/miscelaneos/%7B56A7FE3D-C30E-86ED-E5C9-D9876D47D21E%7D.pdf)
- [BCRA: Communication A 7506 (May 5, 2022)](https://www.bcra.gob.ar/Pdfs/comytexord/A7506.pdf)
- [Argentina Law 27,739 (InfoLEG)](https://servicios.infoleg.gob.ar/infolegInternet/anexos/395000-399999/397355/norma.htm)
- [Banco Central do Brasil: BCB Resolution 521 (November 10, 2025)](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=521)
- [Chile Law 21,521, Fintech Law (Library of Congress of Chile)](https://www.bcn.cl/leychile/navegar?idNorma=1187323)
- [CNAD: Regulation on Public Offerings of Stablecoins](https://cnad.gob.sv/wp-content/uploads/2024/08/3.-Reglamento-Monedas-Estables-ESP.pdf)
- [GENIUS Act, Public Law 119-27 (GovInfo)](https://www.govinfo.gov/app/details/PLAW-119publ27)
- [Regulation (EU) 2023/1114, MiCA (Official Journal, BOE copy)](https://www.boe.es/buscar/doc.php?id=DOUE-L-2023-80808)

*Framework verified as of October 13, 2026.* Moving payments or remittances with stablecoins in Latin America? [Talk to us](/en/meeting).