Argentina’s Dramatic Change in Crypto Regulation – Will It Keep Up or Fall Behind?
Roberto Silva, CNV president, announces nearing completion of essential regulations for Virtual Asset Service Providers (VASPs). Upcoming regulations aim to protect investors while fostering innovation, with public consultation to begin soon.
In Argentina, the National Securities Commission (CNV) along with other regulatory bodies recently discussed the progress and challenges in the regulation of the financial and cryptocurrency sectors. This conversation occurred during an event focused on anti-money laundering practices held a few days ago.
Roberto Silva, the president of the CNV, spoke about the advancements his agency is making in developing regulations for cryptocurrency exchanges in Argentina. These regulations are urgently needed, following the CNV’s designation as the supervisory and regulatory body for Virtual Asset Service Providers (VASPs).
Silva indicated that the CNV is nearing the completion of these regulations, which will set forth the operating requirements for cryptocurrency platforms. He announced that these regulations would soon be open for public consultation, although he did not specify a date, but we can expect it to be soon, based on our reporting on regulations in Crypto News Flash.
“The regulation we are working on seeks to balance avoiding over-regulation and respecting innovation, while fulfilling the legal mandate to protect investors,” Silva explained.
This approach considers recent discussions with members of the Argentine crypto ecosystem.
The regulatory initiative aligns with the guidelines set by the Financial Action Task Force (FATF). Several months ago, this alignment sparked significant controversy within the Argentine crypto community, leading to complaints of betrayal by President Javier Milei.
However, Silva aimed to ease tensions by promising a balanced approach to regulation that would not deter exchanges.
“We do not want to restrain an industry we see as extremely important. Our aim is to listen, understand, and then regulate, creating a rule that has had significant interaction with the sector,” he stated.
Silva emphasized that the registration of cryptocurrency platforms, which began last March, is mandatory and serves as the foundation for future regulations. The goal is to identify both individuals and legal entities providing cryptocurrency services in the country.
The next steps involve setting guidelines and supervising compliance, which may include implementing FATF’s “Travel Rule” and establishing limits for transaction volumes and the reporting of information to authorities.
To date, the registry of VASPs includes 82 entities, among them 15 foreign companies that have received regulatory approval to operate in Argentina.
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