- Roberto Silva, President of CNV, announces that essential regulations for Virtual Asset Service Providers (VASP) are almost complete.
- The upcoming regulations aim to protect investors while promoting innovation, with a public consultation beginning soon.
In Argentina, the National Securities Commission (CNV) and other regulatory bodies recently discussed the progress and challenges in regulating the financial and cryptocurrency sectors. This conversation took place at an event focused on anti-money laundering practices held a few days ago.
Roberto Silva, president of CNV, spoke about the progress his agency has made in developing regulations for cryptocurrency exchanges in Argentina. These regulations are urgently needed, following the designation of CNV as the supervisory and regulatory body for Virtual Asset Service Providers (VASP).
Silva indicated that CNV is close to completing these regulations, which will define the operational requirements of cryptocurrency platforms. He announced that these regulations would soon be open for public consultation, without specifying a date, but we can expect it to be soon, based on our information. report on regulations in Crypto News Flash.
“The regulations we are working on seek to strike a balance between avoiding excessive regulation and respecting innovation, while fulfilling the legal mandate to protect investors,” Silva explained.
This approach takes into account recent discussions with members of the Argentine crypto ecosystem.
The regulatory initiative aligns with guidelines established 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 on the part of President Javier Milei.
However, Silva aimed to ease tensions by promising a balanced approach to regulation that would not deter trade.
“We don’t want to restrict an industry that we consider extremely important. Our goal is to listen, understand, and then regulate, creating a rule that has had meaningful interaction with the industry,” he said.
Silva emphasized that the registration of cryptocurrency platforms, which began last March, is mandatory and serves as the basis for future regulations. The aim is to identify both natural and legal persons providing cryptocurrency services in the country.
The next steps are to set guidelines and oversee their compliance, which may include implementing the FATF “travel rule” and establishing limits on transaction volumes and reporting to authorities.
To date, the VASP register includes 82 entities, including 15 foreign companies having received regulatory approval to operate in Argentina.
