Argentina's National Securities Commission to Set Requirements and Rules for Crypto Companies

The jurisdiction of that agency is specified in a bill that is under discussion in the Argentine Congress.

AccessTimeIconFeb 7, 2023 at 10:11 p.m. UTC
Updated Feb 8, 2023 at 1:48 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Argentina’s National Securities Commission (CNV) will establish and regulate requirements to be followed by crypto companies in that country, the agency told CoinDesk on Tuesday.

The jurisdiction of the CNV over virtual asset service providers is specified in a reform of the money laundering prevention law that is being discussed in the Argentine Congress.

If the law is passed, the CNV plans to consult all of those in the crypto ecosystem operating in Argentina in order to seek their input as it works to create regulations, the agency told CoinDesk.

"The worst-case scenario is a regulation that cannot be implemented," said a CNV source.

According to the bill, the requirements that crypto companies will have to follow include the protection of users, the security and efficiency in the development of operations, the security of public savings and the prevention of money laundering, among others.

The main reason behind the new requirements for crypto companies is to comply with international standards required by the Financial Action Task Force, which will conduct an evaluation in Argentina in 2024, said the CNV.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Andrés Engler

Andrés Engler was a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.