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

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

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.

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

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

AccessTimeIconFeb 7, 2023, 10:11 PM
Updated Mar 8, 2024, 4:44 PM
Argentina flag (Unsplash)

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.

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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