Several private banks in Argentina are running a limited pilot of JPMorgan's JPM Coin to improve interbank settlement and reconciliation times. The first phase uses traditional settlement rails with on-chain recording, aiming to cut costs and boost speed and operational efficiency. Banks still cannot offer crypto services to clients unless the Central Bank changes its 2022 Communication A 7506 rule.

Russia has submitted a package of three bills to the State Duma aimed at legalizing and regulating cryptocurrency activity, including rules for trading, custody, and investor access. The proposals set a 300,000 rubles (nearly $3,730) per-year purchase limit for non-qualified investors via one intermediary after passing a Bank of Russia test, while qualified investors face no cap. The draft also introduces mandatory tax reporting for residents and penalties for illegal crypto use, including fines and up to a two-year ban from operating exchanges.