5G has become a reality in Latin America and it is expected to boost the digital revolution with key capabilities, including higher speeds and ultra-low latency, thus enabling innovative solutions and socioeconomic development. But its deployment faces many challenges related to, among other factors, spectrum allocation and infrastructure deployment. In this work we assess the current public policy and regulatory environment in Latin America regarding the adoption and deployment of 5G technology, considering mainly the above-mentioned challenges. From the analysis, it is possible to note that Latin American countries exhibit different levels of commitment and progress in 5G deployment since, for example, the spectrum allocation and assignment for 5G is still underway, and many regulations hamper instead to facilitate the implementation of 5G networks. On the other hand, the analysis confirms the necessity of having public policies and regulations which define flexible, efficient and transparent processes for all aspects related to 5G deployment.