The Explosive Growth of Cryptocurrency Ownership in South America: What You Need To Know

South America’s crypto scene is absolutely booming. Between 2023 and 2024, cryptocurrency ownership in South America shot up by 116.5%—from 25.5 million to 55.2 million people. That’s wild growth, way ahead of most other regions, and it’s changing how people here handle their money and do business.

What’s fueling this surge? A mix of economic chaos, inflation, and shaky local currencies. Folks are turning to digital assets—especially stablecoins—to shield their savings and send money across borders without the usual headaches or fees. Brazil, Argentina, and Venezuela are leading the charge, both in transaction volume and user numbers.

From July 2022 to June 2025, South America saw nearly $1.5 trillion in crypto transactions. Brazil alone handled $318.8 billion, easily topping the region’s charts. Both individuals and businesses are jumping in, looking for stability and new ways to move money around.

Key Takeaways

• Crypto ownership in South America jumped 116.5% between 2023 and 2024—the fastest global growth rate

  
  

• Economic instability and inflation are pushing more people to use stablecoins and digital assets

  
  

• Brazil leads with over $318 billion in crypto activity, followed by Argentina, Mexico, Venezuela, and Colombia

Key Statistics on Cryptocurrency Ownership in South America

Crypto ownership in South America more than doubled in 2024. Now, 55.2 million people here own some form of cryptocurrency—pretty remarkable reach across different countries and age groups.

Rising User Base and Adoption Rates

South America grabbed the global spotlight between 2023 and 2024, with a 116.5% jump in crypto ownership. That’s an increase from 25.5 million to 55.2 million people.

This pace left older, more established markets in the dust. And the momentum hasn’t let up—just in Q2 2025, the region posted another 18.3% growth. People are fed up with unstable economies and limited banking, so they’re looking for alternatives.

Transaction numbers back this up: Latin America processed almost $1.5 trillion in crypto transactions from mid-2022 to mid-2025, making it one of the busiest crypto markets anywhere.

Country-by-Country Market Leaders

Six countries really set the tone for South America’s crypto world, making up 87% of all users. Argentina leads with a 19.8% ownership rate, and Brazil follows at 18.6%. These two have the biggest crowds of crypto holders by far.

El Salvador, with 14.6%, stands out too, thanks to its Bitcoin-friendly policies. Argentina, Brazil, Chile, Colombia, Mexico, and Peru pretty much shape the region’s trends.

Some newer players are catching up fast. Bolivia saw a staggering 355% growth in crypto users this past quarter. Guatemala and Paraguay also saw big jumps, with 88% and 52% growth. Clearly, crypto isn’t just for the big markets anymore.

Penetration Across Age Groups

Millennials lead the crypto charge in South America—21.9% of people aged 18 to 35 own digital assets. That’s the biggest group by a long shot, based on a Q2 2025 survey across 18 countries.

Gen X (36–49) is involved but not as much, with 14.1% ownership. Boomers (50–65) come in at 11.2%, and seniors over 65 barely register at 3.5%.

On average, 14.3% of everyone here owns some crypto. Younger folks aren’t just the majority—they’re driving trends, transactions, and demand for digital finance tools.

Main Drivers Behind Explosive Growth

A map of South America with digital currency symbols floating above it and

Life in South America isn’t always easy, financially speaking. Currency swings and unreliable payment systems have pushed a lot of people toward digital assets.

Economic Instability and Currency Devaluation

Countries like Argentina, Venezuela, and Brazil have seen their currencies lose value time and again. People watch their savings shrink as the local money drops against the US dollar.

So, many folks turn to crypto to escape the chaos. They swap their local cash for digital assets, hoping to hold onto their wealth. Bitcoin and others become backup plans when banks can’t offer stability.

Having assets outside of government reach is a big deal, especially for people who’ve lived through multiple economic crises. Digital currencies offer a way to protect savings from sudden government moves or inflation.

Inflation and Demand for Alternatives

Inflation is brutal in several countries here—sometimes over 50%, even 100%. Prices keep climbing, but wages rarely keep up.

Stablecoins have become super popular since they’re tied to the US dollar or other stable currencies. People use them to keep their money safe and accessible, without needing a US dollar bank account. It’s a workaround that actually works.

People use stablecoins for everyday stuff—shopping, saving, even getting paid. Small businesses take stablecoins, and workers often want their wages in them to avoid losing value between paychecks and bills.

Cross-Border Payments and Remittances

Millions of South Americans work abroad and send money home. Traditional services? They take a cut—anywhere from 5% to 10%—and can be slow.

Crypto’s changed the game for cross-border payments. Transfers happen in minutes, not days, and fees are much lower. Someone working in Spain can send money to family in Colombia fast, with hardly any loss.

The Ethereum blockchain has handled $45.5 billion in transfers across Latin America since 2021. Tron’s not far behind, with $12.5 billion, thanks to its low fees. These networks make international money transfers a lot more doable for everyday people.

Demographics and Population Trends Shaping Adoption

Crypto adoption in South America has some clear patterns. Young adults, especially those between 25 and 40, are driving most of the action. Older folks? Not so much.

Millennials as Core Drivers

Millennials make up almost half of all crypto users here. Born between 1981 and 1996, they’re comfortable with tech and have lived through plenty of economic ups and downs—think Argentina and Venezuela’s currency troubles. No wonder they’re open to new financial tools.

Most millennials start with stablecoins, using them for day-to-day transactions and to keep their savings safe from currency crashes. Brazil alone has over 50 million millennials, which partly explains why it’s the region’s crypto heavyweight.

Generational Differences in Crypto Usage

Gen Z (born after 1996) is super interested in crypto but, let’s be honest, they don’t have a lot of cash to invest yet. They love mobile apps and social trading.

Gen X (1965–1980) is involved too. They usually invest more money but don’t trade as often. Security matters to them, so they stick with big, established exchanges.

Boomers are the smallest group in crypto. Many don’t trust digital money or find it a pain to use. Less than 10% of crypto owners here are boomers.

This generational gap really shapes adoption. Countries with younger populations—like Colombia and Peru—see faster growth than those with older demographics.

Urban-Rural Disparities

Cities are where crypto lives in South America. São Paulo, Buenos Aires, Bogotá—they have 70–80% of crypto users, even though they’re less than 40% of the population.

The main hurdle for rural areas? Internet access. Many rural communities don’t have reliable connections or enough smartphones for crypto to catch on. City dwellers also have more access to exchanges and learning resources.

Brazil shows this gap clearly: over 12% of urbanites use crypto, but in rural areas, it’s under 3%. Rural folks usually deal in cash and don’t see much digital finance.

Still, some rural areas are starting to use crypto for remittances. Families getting money from cities or abroad often prefer crypto over banks—it’s faster and cheaper.

Country Spotlights: Regional Leaders and Growth Patterns

Crypto trends in South America really depend on the country. Argentina leads in ownership rates (18.9%), Brazil has the most users, and Mexico is key for cross-border transfers.

Brazil's Dynamic Crypto Market

Brazil’s the biggest player, both in users and transaction volume. The country’s tech-savvy crowd and solid fintech scene make it perfect for crypto adoption.

Major exchanges like Bitso and local platforms are thriving in Brazilian cities. People can trade bitcoin, stablecoins, and all sorts of altcoins pretty easily.

Brazilian regulators have set up clear rules for crypto, which has made both regular folks and big investors more comfortable jumping in.

Banks in Brazil have started offering crypto trading right from their own apps, making digital assets much more mainstream.

Argentina's Stablecoin Surge

Argentina’s 18.9% crypto ownership rate has a lot to do with runaway inflation. People want to escape the falling peso, so they turn to digital assets.

Stablecoins like USDT and USDC are huge here. They’re basically the new savings accounts for anyone trying to keep their money safe. Lots of workers even ask to get paid in stablecoins instead of pesos.

The crypto scene in Argentina isn’t heavily regulated, so platforms like Ripio have popped up, making it easy to swap pesos for stablecoins or bitcoin.

Peer-to-peer exchanges are especially busy in Argentina, letting people sidestep banks and get access to dollar-backed assets through crypto.

Colombia's Fintech Environment

Colombia’s making waves too. The government’s open approach to fintech has attracted a bunch of crypto businesses.

Local exchanges are seeing more users, whether they’re investing or sending money home. Bitcoin’s still popular, but stablecoins are gaining ground because they’re less volatile and easier for daily use.

Officials have started rolling out new rules to keep things above board, fighting money laundering but not shutting out legit crypto companies.

Bogotá and Medellín have the most crypto users, especially among young professionals looking for alternatives to traditional investments.

Mexico's Role in Remittance Flows

Mexico handles huge remittance volumes every year, and crypto’s making those transfers way faster and cheaper than old-school money transfer services. Bitcoin and stablecoins let people send money across borders almost instantly, and the fees are way lower.

Bitso’s become a top crypto exchange in Mexico, teaming up with global money transfer companies to make crypto remittances work. They swap dollars for bitcoin or stablecoins, send them over the border, then switch back to pesos on the other side.

Regulation’s still a hurdle for Mexican crypto fans. The central bank has stopped banks from offering crypto services directly, so most of the action’s moved to dedicated exchanges and fintech apps.

Even with these rules, more and more people in Mexico are using crypto for remittances and as an investment. Being so close to the U.S. and having a massive diaspora just makes Mexico a natural spot for crypto-based money transfers.

Cryptocurrency Exchanges and Key Industry Players

South American crypto exchanges have really adapted to what locals need, offering all sorts of platforms and payment options. Companies like Bitso, Ripio, and Wenia lead the market by solving regional financial headaches in ways that global giants just can’t.

Centralized vs. Decentralized Platforms

Centralized exchanges dominate crypto trading in South America. They handle user funds and provide customer support, which helps build trust—especially since so many people here are new to crypto.

They also make it easy for beginners. You can use local payment methods like bank transfers or even cash at the corner store. That’s a big deal in places where lots of folks don’t have regular bank accounts.

Decentralized platforms are around, but not many use them yet. These let people trade directly with each other, no middleman. But honestly, the tech can get confusing, so most people stick to the simpler centralized services.

Leading Local Exchanges

Bitso is active in Mexico, Argentina, Colombia, and Brazil. They serve millions and move billions in trades every month. Bitso supports local currency deposits and lets you swap between crypto and fiat easily.

Ripio focuses on Argentina, Brazil, Mexico, Colombia, and Uruguay. You can buy, sell, and store lots of different coins there. Ripio puts a big emphasis on education and keeping things user-friendly for Latin Americans.

Wenia is all about Chile. They work with local banks and payment systems, offer peso trading pairs, and stick closely to Chile’s financial rules.

These homegrown exchanges compete with the big international platforms, but they have an edge: they speak the local language, understand local money habits, and know how to play by the local rules.

Integration with Local Financial Systems

South American exchanges plug right into local banks, so deposits and withdrawals happen fast. That smooth connection makes crypto way more appealing for everyday folks. You can move money from your bank to your crypto wallet in minutes.

Lots of platforms even take cash through deals with retail chains and payment partners. In Argentina, you can walk into thousands of convenience stores and deposit pesos. That’s huge for people without bank accounts or anyone who just prefers cash.

These exchanges also follow local regulations. They do KYC checks and report to financial authorities, which helps keep things legit and protects users from scams.

The Role of Stablecoins in South American Crypto Adoption

Stablecoins are really driving crypto use in South America now—they make up over 60% of all crypto activity. People use these dollar-pegged tokens to dodge local currency problems and send money faster and cheaper.

Stablecoins as a Hedge Against Volatility

When local currencies tank, South Americans turn to stablecoins. In places with crazy inflation, holding USDC or USDT lets people keep their savings in dollars—no need for a foreign bank account.

Brazil is a prime example. Stablecoins are behind 90% of all crypto transactions there. People pay for stuff, send money to family, and stash their savings—all with stablecoins.

Argentina relies on stablecoins too, with over 60% of crypto activity in these tokens. When the peso drops, folks quickly swap into dollar-backed coins for some peace of mind. Banks can’t always offer that protection, especially with capital controls in the way.

Usage Trends of USDC and USDT

USDT and USDC rule the stablecoin scene in South America. Between July 2022 and June 2025, the region moved $1.5 trillion in crypto, with stablecoins leading the charge.

Key Usage Patterns:

• Processing payments for online and brick-and-mortar shops

  
  

• Sending remittances across borders with lower fees

  
  

• Trading pairs on local exchanges

  
  

• Peer-to-peer transfers through chat apps

Brazil’s Pix instant payment system links up with crypto platforms, making it super easy to buy stablecoins. Thanks to this, Brazil moved $318.8 billion in crypto from July 2024 to June 2025.

Regulatory and Market Impact

Government rules shape how stablecoins work here. Brazil’s Virtual Assets Law (2022-2023) set clear standards for crypto companies and gave the central bank a bigger role in anti-money laundering checks.

Big banks like Itaú and Nubank now let customers buy and hold stablecoins. Circle (the company behind USDC) even expanded into Brazil to meet the demand.

With clearer rules, Brazil jumped to fifth place globally in crypto adoption by 2025—up from tenth in 2024. Other countries lag behind without solid frameworks, so a lot of activity stays in informal channels.

Technology, Infrastructure, and Innovation

Crypto adoption in South America has shot up by 116%, mostly thanks to tech advances and better infrastructure. Mobile-first solutions, AI, and tighter security have made digital assets way more accessible.

Mobile Wallets and App-Based Services

Mobile wallets are now the main way people in South America get into crypto. Most folks use smartphone apps instead of desktop sites. That lines up with the region’s high mobile phone use—way more common than owning a computer.

Local exchanges have rolled out apps with simple interfaces, cutting down the learning curve for newbies. These apps support multiple languages and offer customer support in Spanish and Portuguese. Many even let you connect your bank or use local payment methods, so you don’t have to mess with complicated wire transfers.

Peer-to-peer trading apps have made access even easier. People can buy and sell bitcoin, ethereum, and other coins directly with each other, often with lower fees and quicker local currency swaps than on regular exchanges.

Integration of AI and Emerging Technologies

AI has made trading smoother and safer for South American crypto users. Chatbots answer questions around the clock in local languages, helping with transactions and security. Trading platforms use machine learning to spot suspicious activity and stop fraud.

Some exchanges offer AI-powered price prediction tools and market analysis, giving users a better shot at timing their trades. Automated bots let people set rules and execute trades when the market hits certain conditions.

AI-driven blockchain analytics help platforms meet regulatory demands while keeping user privacy intact. These systems flag money laundering patterns without someone having to check every single transaction by hand.

Liquidity, Security, and Platform Evolution

Liquidity’s gotten a lot better in South American crypto markets. Major global exchanges have moved in, bringing more buyers and sellers and tighter price spreads. Local exchanges partner up with global liquidity providers, so users can trade big amounts without moving the market too much.

Security has stepped up, too. Two-factor authentication, biometrics, and cold storage are now pretty standard. Some exchanges even insure user funds, which is a big confidence booster.

Platforms have focused on compliance and user protection. They do KYC checks but try to keep wait times reasonable. Multi-signature wallets and hardware wallet support give users more control over their coins and cut down on theft risks.

Regulatory Landscape and Policy Developments

South American countries have moved fast to set up legal rules for digital assets, with Brazil and Argentina leading the way in 2025. These changes have really shaped how people and institutions access crypto across the region.

National Regulations and Legal Frameworks

Brazil rolled out its big VASP regulatory regime in November 2025, under the Central Bank (BCB). Crypto service providers now have to get authorized starting February 2, 2026, with capital requirements that depend on the kind of services they offer—anywhere from BRL 10.8 million to BRL 37.2 million.

These rules cover anti-money laundering, transparency, and keeping customer assets separate. If you move more than about $100,000, you’ll face extra reporting. Existing operators have until October 30, 2026 to get in line with the new rules.

Argentina expanded its VASP registration in May 2025 (General Resolution 1058), tightening up on cybersecurity, audits, and governance for registered providers. In June 2025, Argentina also introduced General Resolutions 1069 and 1081, laying out a legal framework for tokenized assets under the National Securities Commission (CNV).

Impact of Regulation on Market Confidence

Clear rules have sped up crypto adoption in Brazil and Argentina. Brazil’s seen a big jump in crypto use over the last three years, and 90% of that is stablecoins, according to BCB Deputy Governor Gabriel Galipolo.

With regulations in place, more institutions are getting involved. Banks and big players see clear rules as a must before offering digital asset services. Licensed exchanges and providers have way less shady activity than those flying under the radar.

Brazil’s government has talked about taxing crypto for cross-border payments to stop people from dodging rules with stablecoins. It shows that digital assets are finally being seen as real payment tools, not just speculation.

Emerging Sandbox Environments

Argentina kicked off a regulatory sandbox for tokenized assets in June 2025, running as a one-year pilot. This lets companies test new products under CNV’s watch before going fully public.

The CNV wants to build a modern framework that grows the capital market but still keeps investors safe. Companies in the sandbox can see what works and what doesn’t before scaling up.

Brazil’s taking a phased approach, letting current operators keep running while setting clear standards for newcomers. This gives established companies some breathing room to adjust without cutting off customers.

Socio-Economic Impact and Financial Inclusion

Crypto adoption in South America has really shaken up how people access financial services, send money, and join the digital economy. With so many unbanked folks and sky-high remittance fees, digital assets have become a solid alternative to old-school banks.

Expansion of Digital Financial Services

Digital financial platforms built around crypto are booming across South America. These services let people save, invest, and move money—no bank account needed.

Mobile crypto wallets are especially popular in countries like Brazil, Argentina, and Colombia. People can download an app in minutes and start managing their digital assets right away. That’s a big contrast to banks that want tons of paperwork and set minimum balance limits.

Key digital services people use:

• Peer-to-peer trading platforms

  
  

• Crypto savings accounts with interest

  
  

• Investment tools for different coins

  
  

• Instant currency exchange

DeFi platforms are catching on with younger users who don’t have a credit history. They offer loans and other products based on your crypto, not your credit score. No middlemen, and usually lower fees than banks.

Remittances and Everyday Payments

Sending money across borders is one of crypto’s most practical uses here. South America gets over $130 billion in remittances every year, and old-school services charge 5-10% per transfer.

In Venezuela, people use Bitcoin and stablecoins for everyday purchases. Merchants take crypto to avoid currency crashes. Argentina’s seeing the same thing—people run to dollar-backed stablecoins when inflation gets wild.

Migrant workers in the U.S. or Europe now send money home with crypto, skipping expensive wire services. A $200 transfer that used to cost $20 with Western Union can now go through for under $2 with some cryptocurrencies. The Lightning Network makes those small, fast payments even easier for daily spending.

Bridging the Unbanked Population

About 210 million people in South America still can't access formal banking. They're up against all sorts of barriers—remote locations, missing documents, and banks that set income requirements a lot of folks just can't meet.

With crypto, all you really need is a smartphone and an internet connection. Suddenly, people in rural parts of Peru or Bolivia don't have to trek to a city just to open an account. This is a game changer, especially for indigenous groups and women who often have an even harder time getting the paperwork banks demand.

Who’s seeing the biggest benefits?

• Rural agricultural workers

  
  

• Women in informal jobs

  
  

• Young adults with no credit history

  
  

• Cross-border workers and migrants

Now, folks in remote areas aren't so tied to cash, which is a relief since banks are few and far between. Digital assets give them safer ways to store money and cut the risk of theft that comes with carrying cash.

Challenges and Future Outlook

South America’s crypto boom comes with its own set of headaches. Security issues, wild price swings, and patchy infrastructure are all on people’s minds as more folks dive in.

Security and Market Volatility

Security threats have ramped up as crypto gets more popular. Phishing, exchange hacks, wallet breaches—you name it, it’s happening more. A lot of newcomers don’t really know how to protect themselves, so scammers are having a field day.

And then there’s the volatility. Bitcoin and other coins can jump or drop 10-20% in a day. If you’re using crypto for your savings or daily expenses, that’s nerve-wracking. People in countries with shaky currencies often turn to crypto anyway, hoping it’s the safer bet.

Governments don’t make it any easier. Some are open to crypto, others clamp down hard. The rules keep changing, and that just adds to the uncertainty.

Liquidity and User Experience

Liquidity is still a big hurdle in a lot of South American crypto markets. People run into wide bid-ask spreads and have trouble cashing out large amounts. Smaller markets just can’t match buyers and sellers very well.

Most platforms here could use a facelift. Complicated interfaces, slow transactions, and lackluster customer support put off new users. High fees for getting money in and out also make people think twice about using crypto for everyday stuff.

Internet and smartphone access is all over the map. Rural and low-income communities just don’t have the tech to jump in easily.

Sustainability and Long-Term Potential

Economic instability in the region is a double-edged sword. On one hand, high inflation and currency drops push people toward crypto. On the other, it makes the future of the market pretty unpredictable. If things settle down, will people stick with digital assets?

Whether crypto really takes off here depends a lot on building better infrastructure. Payment networks, exchanges, and educational tools all need to grow if the region’s going to keep up with the crazy 116.5% growth seen from 2023 to 2024.

Right now, most people use crypto for investing or protecting their money, not for buying coffee or running a business. The real test will be whether it becomes part of daily life and business down the road.

Frequently Asked Questions (FAQs)

Crypto’s rise in South America sparks all sorts of questions about what’s driving it, how governments react, the impact on banks, investment risks, financial inclusion, and what kind of rules are coming next.

What factors have contributed to the widespread adoption of cryptocurrencies in South American economies?

Honestly, economic instability is the big driver. Countries like Argentina and Venezuela have wild inflation and their currencies lose value fast, so people look to digital assets to protect what they have. Banks don’t serve huge chunks of the population, so crypto fills that gap.

It’s tough to get U.S. dollars or other stable currencies, so crypto becomes the next best thing. People use it to shield their savings from inflation. Plus, there’s a young, tech-friendly crowd here, and they’re quick to try new things.

Remittances matter too. Sending money home with crypto is faster and cheaper than old-school services. Between 2023 and 2024, crypto ownership in South America more than doubled, jumping from 25.5 million to 55.2 million people. That’s wild.

How are South American governments responding to the surge in cryptocurrency usage within their jurisdictions?

There’s no one-size-fits-all answer. El Salvador went all in and made Bitcoin legal tender back in 2021. Brazil put together some pretty thorough regulations to encourage crypto growth but still tries to protect consumers.

Other countries play it safe and keep tight controls. Regulators worry about things like money laundering and tax dodging. Some governments are even working on their own digital currencies to compete with private crypto.

Meanwhile, places like Panama are drafting laws to attract crypto companies, hoping to become regional hotspots. The rules are still in flux as everyone tries to balance innovation with risk.

What impact does the rise of cryptocurrency have on traditional banking systems in South America?

Banks are feeling the heat from crypto platforms. Young people especially prefer crypto for its convenience and lower fees. Banks are losing ground in areas like remittances and cross-border payments.

To keep up, some banks now offer crypto services or team up with exchanges. They’re being pushed to update their old systems and cut down on transaction costs.

Some banks are even using blockchain for their own processes. But millions of unbanked folks are skipping banks altogether and jumping straight into crypto.

What are the main risks associated with the rapid increase in cryptocurrency investment by South American residents?

The biggest risk? Price swings. Crypto can tank fast, which puts people’s savings at risk. Many investors here aren’t used to that kind of volatility.

Scams are everywhere. Inexperienced users get hit by fake exchanges, Ponzi schemes, and phishing attacks. If you lose your money, there’s usually no way to get it back.

The changing legal landscape makes things even riskier. Laws shift quickly, and it’s hard to know what’s allowed. Hacks at exchanges and wallets are another threat. Plus, without much financial education around crypto, some folks make bad calls with their investments.

How is cryptocurrency influencing financial inclusion and economic growth in South American countries?

Crypto gives millions of unbanked people a way into financial services. With a digital wallet, they can store, send, and receive money—no bank account needed. That opens up new economic chances for people who were left out before.

Small businesses use crypto to take payments and reach customers worldwide. Entrepreneurs can skip pricey banks and avoid strict credit requirements. Micro-transactions and peer-to-peer deals are suddenly possible.

Digital assets also make global trade and investment easier. South American businesses can connect with partners abroad through crypto payments. The growth in this space is sparking new tech and jobs, though it’s tough to say just how much it’s moving the needle for the whole economy.

What measures are being implemented to ensure the security and regulatory compliance of cryptocurrency exchanges in South America?

Governments in South America want crypto exchanges to register and get proper operating licenses. These rules usually mean exchanges have to run know-your-customer (KYC) checks and follow anti-money laundering (AML) procedures. So, users get their identities verified, and if anything looks suspicious, the exchanges have to tell the authorities.

Brazil’s been out in front here, rolling out pretty thorough crypto regulations over the past few years. The government expects exchanges to keep minimum capital reserves and separate customer funds from their own. Audits and financial reports are regular requirements, which—if you ask me—makes the whole thing feel a bit more stable and trustworthy.

Some countries are pushing for strong cybersecurity too. They ask exchanges to use multi-factor authentication, cold storage, and solid encryption. Consumer protection rules also come into play, demanding clear fee info and honest risk warnings. But, honestly, cooperation between countries in the region is still kind of spotty, which makes enforcing these rules across borders a real headache.