The more advanced cellular markets raced into 5G and have paid a price – both the spectrum licenses and the poor return on their capital investments. In countries that are still finalizing their 2025 spectrum regulations, MNOs are able to learn from the mistakes of those first movers. Costa Rica, Mexico, and Pakistan all made headlines this week, as they finalized their various 5G auction processes, opening the door to MNO launches. On the other hand, India’s Adani Group is considering returning 5G licenses it acquired in 2022, as part of its private networking ambitions. In Costa Rica, the Sutel regulator has now received the two primary applications from Claro and Liberty Latin America, as part of the first phase…