Argentina’s securities regulator is to finalize policies for virtual asset service providers (VASP), which cover general codes and care requirements for cryptocurrency exchanges and other platforms that facilitate digital asset transactions.
The regulations were published on March 13 by the National Securities Commission, also known as CNV, under general Resolution No. 1058.
According to a translated version of announcementThe regulations impose “obligations regarding registration, cybersecurity, asset care, monetary laundering, and risk disclosure” in vasal operating in the country.
The stated purpose of the policies is to ensure “transparency, stability, and user protection in the crypto ecosystem,” the announcement said.
Argentine tax lawyer Diego Fraga said the final guidelines include the mandatory separation of company and client funds, annual audit and monthly reporting with the CNV.
Source: Diego Fraga
Since 2024, the Vasp operating in Argentina has been necessary to register Includes the Registry of Virtual Asset Service Provider, also known as PSAV. According to the new policies, registrations can be undone for disagreement, and any company that operates without registration can be locked by the court order.
Individuals registered with PSAV are up to July 1 to suit new policies. The companies integrated with Argentina will be until August 1, and those involved overseas will be up to September 1.
“Those who do not comply with the established requirements and deadlines will not be able to work in Argentina,” said Roberto E. Silva, the President of the CNV.
Related: Argentina’s crypto adoption hopes to be fuzzy after Milei’s memecoin scandal
Despite the Libra scandal, the Crypto adoption rises in Argentina
As a global firm of the law Pipe pipeAccording to R, the push of Argentina for clearer crypto regulations increased one year ago after the CNV implemented registration requirements and said that crypto providers will be subject to security laws.
The regulation of the pivot came in the middle of a growing wave of crypto adoption in the country, slightly driven by the rapid reduction of Argentine peso.
By mid -2024, Crypto adopting in Argentina has moved forward as the locals have been locked with stablecoins like Tether’s USDT (USDT).
An October chainalysis report has already determined Argentina caught up with Brazil As the largest Latin American country for crypto inflows at nearly $ 91 billion between July 2023 and June 2024.
Argentina led the Latin American Crypto Crypto listing list in terms of value received between July 2023 and June 2024. Source: Chainaalysis
Crypto adoption trends remain positive in front of Libra scandal involving President Javier Milei. Number Cointelegraph reported.
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