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Regulation and Policy

Argentina Implements Mandatory Registry for Crypto Services

Argentina Implements Mandatory Registry for Crypto Services

Argentina's financial regulatory authority has instituted a compulsory registry for cryptocurrency service providers.

The Comisión Nacional de Valores (CNV) has introduced the Registry of Virtual Asset Service Providers (PSAV), necessitating crypto entities such as exchanges to furnish specific details on the regulator’s platform to operate within the nation.

CNV President Roberto E. Silva indicates that the launch of the new registry aligns with the visit from the Financial Action Task Force (FATF), an intergovernmental body focused on establishing anti-money laundering protocols and counter-terrorism financing measures.

“We have diligently worked to ensure compliance with Law No. 25,246, amending the National Regulatory System for Anti-Money Laundering and Terrorism Financing Prevention, and are pleased to introduce the PSAV registry prior to the FATF’s departure, considering its guidance on the matter.”

READ MORE: Singapore Takes Firm Steps in Crypto Regulation

Reports suggest that Argentinians are increasingly turning to Bitcoin (BTC) as a hedge against currency devaluation.

According to Bloomberg, Lemon, a crypto exchange based in Argentina, has witnessed a significant surge in Bitcoin purchases amidst the country’s rampant inflation, which ranks among the highest globally. Similarly, other major exchanges in Argentina like Ripio and Belo have observed a similar uptrend.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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