Argentina securities regulator finalized the principles of virtual resource service providers (VAPS), which include general conduct codes and care requirements for cryptocurrency exchanges and other platforms to facilitate digital assets.
The regulations were published on March 13 by the National Securities Commission, also known as CNV, in accordance with General Resolution No. 1058.
According to the translated version announcementThe regulations impose “obligations regarding registration, cyber security, asset care, prevention of money laundering and risk disclosure” in VASP operating in this country.
The aim of the principles is to guarantee “transparency, stability and protection of users in the cryptocurrency ecosystem,” the announcement informed.
Argentine tax lawyer Diego Fraga said that the final guidelines include the obligatory separation of company and clients funds, annual audits and monthly reporting from CNV.
Source: Diego Fraga
From 2024, VASP operating in Argentina has been obliged to register in the register of virtual asset services providers, also known as PSAV. According to the recent rules, registrations may be withdrawn for non -compliance, and any company operating without registration can be blocked by a court order.
Persons registered in PSAV have until July 1 to adapt to the recent rules. Companies registered in Argentina have until August 1, and those enabled abroad are until September 1.
“Those who do not comply with set requirements and terms will not be able to act in Argentina,” said Roberto E. Silva, president of CNV.
Related: Argentina cryptocurrency hopes that she is overshadowed after the Libra Memecin scandal
Despite the Libra scandal, cryptographic adoption is growing in Argentina
As a global law firm PipeR explained that Argentina strives for clearer cryptocurrency regulations intensified a year ago after the implementation of CNV registration requirements and stated that cryptocurrency issuers would be subject to securities.
The regulatory turnover took place among the growing wave of cryptocurrency adoption in this country, which was partly caused by the rapid depreciation of Argentine peso.
By mid -2024, the adoption of cryptocurrencies in Argentina increased when the locals came to Stablecouins such as Tether’s USDT (USDT).
In the October chain report, he determined that Argentina overtook Brazil as the largest Latin American country in the field of cryptocurrency influx of about $ 91 billion between July 2023 and June 2024.
Argentina at the top of Latin American cryptographic adoption list in terms of the value received between July 2023 and June 2024. Source: Chain
Cryptographic adoption trends remain positive in the face of the Libra scandal with the participation of President Javier Milea. According to Cointelegraph, Milei publicly supported Memecoin before he suddenly fell in terms of value, fueling the charges of the carpet.
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