On Tuesday, the Argentine National Securities Commission (CNV) declared its intention to regulate and impose requirements on crypto firms operating throughout Argentina. Under a reform of anti-laundering laws currently being discussed in Congress, CNV will have complete supervision over virtual asset service providers.
If the bill is passed into law, the CNV intends to communicate with those within Argentina’s crypto environment to get their ideas when constructing regulations. “The most unfavorable outcome would be legislation that cannot be put into practice,” stated a source from the CNV.
Argentina’s new bill requires crypto companies to follow strict protocols regarding user protection, operational security, and efficiency, safeguarding public funds, preventing money laundering, and more. Also, this is all in an effort for the nation to fulfill international standards demanded by the Financial Action Task Force, which will evaluate Argentina’s crypto environment in 2024.
