Costa Rica doesn’t have any formal crypto laws. But its government and institutions are quietly letting the sector flourish.

That’s according to Jorge Eduardo Dengo Rosabal, a former deputy of Costa Rica’s Legislative Assembly who participated in the drafting of a proposed — and rejected — crypto regulation bill for the Latin American nation back in 2022.

“The best way to define the situation is that the government is carefully watching what is going on in the crypto world, but hasn’t gotten its hands fully into regulation yet, although there have been some discussions around it,” Dengo told CoinDesk in an interview.

The hands-off approach is partially motivated by a desire to keep track of the various crypto experiments popping up in the Latin American country of 5.2 million people and see whether they yield positive results, Dengo said.

One such project is Pura Vida Technologies, a firm that builds bitcoin (BTC) infrastructure in Costa Rica by supporting merchant adoption, providing over-the-counter (OTC) trading services and spinning up bitcoin ATMs. Josh Pooley, the corporation’s business development manager, said that the regulatory limbo gives crypto companies a chance to prove their merits before the country makes any big decision in favor or against the ind

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Author: Tom Carreras