By Laily UPN 
Swiss crypto hardware wallet provider Tangem has revealed that more than 40% of its Tangem Pay payment activity originates from Latin America, while over 30% comes from the United States. The revealing figures emerge as the company navigates a complex global landscape where physical card availability remains restricted in several key markets due to a patchwork of regulatory and banking hurdles.
The data highlights a surging appetite for alternative financial rails and crypto-linked spending solutions across distinct geographic regions, even as compliance frameworks create distinct barriers to entry. Speaking with industry reporters, Andrey Ilinskiy, the head of Tangem Pay, shed light on the intricate realities of bridging decentralized digital assets with traditional, regulated financial ecosystems.
“It is not simply a question of where people want crypto cards,” Ilinskiy explained, adding that the availability of such products is dictated by a convergence of economic and legal factors. “It is where demand, regulation, banking infrastructure and card-issuing requirements happen to line up — and today, those maps do not always overlap.”
The insights from Tangem arrive on the heels of a major corporate milestone for the firm. On Wednesday, the company officially announced the launch of its first physical Visa card, engineered to facilitate seamless in-store and online purchases, as well as convenient ATM withdrawals. For the initial rollout, Tangem has opted for an exclusive, limited release capped at just 5,000 cards, allowing the company to test operational efficiency and user response in a controlled market environment.
A core feature of the newly unveiled Tangem Pay card is its direct integration with self-custodial wallet infrastructure. The company emphasized that users can fund the card directly from their self-custodial wallets without relying on third-party intermediaries to hold their capital. Furthermore, in the event that a card is temporarily suspended or permanently closed, users retain full control of their funds, being able to easily move their assets back to the safety of their personal wallet interface.
This architecture speaks to a broader philosophical challenge within the digital asset sector. As Tangem noted, self-custody successfully removes one of the most significant traditional boundaries in finance by ensuring there is no custodian standing between the user and their hard-earned assets. However, the moment those decentralized digital assets cross the threshold into a regulated global payment network like Visa, an entirely new set of boundaries, compliance mandates, and legal frameworks immediately appears.
Tangem delivers the cards in nearly 200 countries, excluding only 20
Despite the global ambitions of modern fintech and crypto enterprises, physical logistics and regulatory compliance continue to impose hard borders. Tangem confirmed that it cannot currently deliver its physical Tangem Pay cards to roughly 20 countries worldwide. The restricted jurisdictions include major nations and territories such as China, Russia, North Korea, and Palestine, highlighting the immense geopolitical and regulatory friction points that crypto card providers must constantly monitor and navigate.
The company pointed out that these geographical restrictions do not necessarily mirror the domestic rules governing cryptocurrency itself within those regions. Instead, a complex matrix of Know Your Customer (KYC) mandates, international sanctions, local banking regulations, and strict card-issuing compliance dictates precisely where a crypto-linked payment card can legally and operationally be made available to the public.
The regulatory paradox creates unique market dynamics. In regions experiencing economic volatility, capital controls, or high inflation, the local conditions that generate immense consumer demand for cryptocurrency as an alternative financial rail can simultaneously make regulated corporate card issuance vastly more difficult or entirely impossible for foreign issuers.
To sweeten the value proposition for early adopters and active spenders, Tangem is also introducing a competitive cashback program tied to Circle’s popular USDC stablecoin. Under the new incentive structure, eligible purchases will yield cashback rewards at rates of 1% for Basic users and 2% for Plus users, integrating stablecoins directly into the everyday spending experience.
As the crypto payment sector continues to evolve, Tangem plans to showcase its pioneering physical Tangem Pay cards to the broader technology and financial community at the upcoming Token2049 conference in Singapore. The high-profile event is expected to draw thousands of industry leaders, developers, and investors, providing a prime stage for the firm to demonstrate how self-custodial assets can safely and efficiently intersect with traditional global payment rails.
Siti Muinah 
Nana 
Lina Irawan