Argentina’s securities regulator has completed the rules for Virtual Asset Service Providers (VASP), which covers general behavior and custody requirements for cryptocurrency exchanges and other platforms that facilitate digital asset trading.
The regulation was issued on March 13 by the National Securities Commission (CNV), also known as CNV, under General Resolution 1058.
According to the translation announcementThe regulation imposes “obligations regarding registration, cybersecurity, asset custody, money laundering prevention and risk disclosure” on VASPs operated in the country.
The announcement said the established goal of the rule is to ensure “transparency, stability and user protection” in the crypto ecosystem.
Argentine tax attorney Diego Fraga said the final guide includes a mandatory separation of company and client funds, an annual audit and a monthly report with CNV.
source: Diego Fraga
VASP operating in Argentina has been Registration required The registry with the virtual asset service provider, also known as PSAV. Under the new rules, registration can be revoked for violations and any unregistered company can be blocked by court orders.
Individuals who register on PSAV must comply with the new rules by July 1. Companies established in Argentina must be before August 1, while companies established abroad must be before September 1.
“Those who do not comply with established requirements and deadlines will not be able to operate in Argentina,” said CNV President Roberto E. Silva.
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As a global law firm pipelineR explained that after the CNV implemented the registration requirements, a clearer crypto regulations proposed by Argentina exacerbated the crypto regulations and stated that crypto issuers would be subject to the securities laws.
Amid the increasing wave of cryptocurrency adoption in the country, the regulatory hub is driven by the rapid depreciation of the Argentine peso.
By mid-2024, Argentina adopts cryptocurrency As locals flock to Tether’s USDT (e.g.USDT).
October chain analysis report confirmed Argentina has surpassed Brazil As the largest Latin American country inflows of cryptocurrency between July 2023 and June 2024, it is approximately US$91 billion.
List of Latin American cryptocurrency adoption values received between July 2023 and June 2024. Source: Chain Analysis
The trend of adoption of encryption remains positive Libra scandal Involved President Javier Milei. As Auxiliary instrument reportMilei publicly acknowledged the member before the sudden drop of value, which exacerbated the allegations of carpet pull.
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