Argentine government passes registration requirements for cryptocurrency firms
According to President Roberto Silva of the Comisión Nacional de Valores, virtual asset service providers who are not registered “will be unable to operate” in Argentina. Argentina’s government has begun to establish standards for cryptocurrency exchanges to function lawfully in the country. Argentina’s Comisión Nacional de Valores (CNV), the country’s equivalent of a securities regulator, announced on March 25 that virtual asset service providers will follow the Financial Action Task Force’s (FATF) recommendations. As part of revisions to Argentina’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations, certain organizations that provide cryptocurrency-related services must register with the government.
The implementation of the law impacting cryptocurrency providers in Argentina went forward on March 14, when the country’s senate approved changes to statutes aimed at preventing money laundering and terrorist funding. CNV President Roberto Silva stated that virtual asset service providers that are not registered “will be unable to operate in the country.”
The planned change to Argentina’s legislation affecting cryptocurrency users occurred before Javier Milei won the country’s presidential election in November 2023. Many crypto supporters applauded Milei’s elevation at the time for his seeming pro-Bitcoin $66,314 sentiments, but the adoption of the FATF standards appears to raise many concerns about the future of digital assets in Argentina.
Many users of Strike, a popular software in Argentina for facilitating Bitcoin transfers via the Lightning Network, claimed that the service no longer permits locals to send currency to bank accounts. It is unclear how the rules will affect firms operating in Argentina or clients wishing to use their services. In December 2023, Argentina’s foreign minister stated that contracts might be settled in Bitcoin and other cryptocurrencies. Milei spoke publicly on April 2 as part of a Malvinas Day ceremony commemorating those who died during the 1982 Falklands War.
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