Argentina’s National Securities Commission (CNV) is set to regulate the requirements for cryptocurrency companies operating in the country. The jurisdiction of the CNV over virtual asset service providers is specified in a proposed reform of the money laundering prevention law being discussed in the Argentine Congress. If the law is passed, the CNV will seek input from all entities in the crypto ecosystem to create regulations that are in line with the best practices.
The proposed regulations will ensure the protection of users, the security and efficiency of operations, the security of public savings, and the prevention of money laundering, among other key requirements. The main aim behind these regulations is to meet international standards required by the Financial Action Task Force, which will evaluate Argentina in 2024.
A source from the CNV stated that the worst-case scenario would be a regulation that cannot be implemented, which is why the agency intends to consult all players in the crypto ecosystem to ensure that the regulations are realistic and feasible. The CNV is committed to creating a regulatory environment that is conducive to the growth of the crypto industry in Argentina, while ensuring that public savings and user interests are protected.
In conclusion, the proposed regulations by the CNV will help the crypto industry in Argentina to operate in a more organized and transparent manner, while also meeting international standards. This will help to build trust in the crypto industry and promote its growth in the country.
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