Argentina Unveils New Crypto Regulations to Strengthen Market Stability
Argentina has introduced new regulations for virtual asset service providers (VASPs), focusing on registration, cybersecurity, and anti-money laundering measures.
The rules, published by the National Securities Commission (CNV), require VASPs to separate customer and company funds, conduct annual audits, and report monthly to the CNV. The aim is to enhance transparency and protect users within the growing crypto market.
Effective in 2024, VASPs must register with the PSAV registry, with non-compliance potentially leading to revoked registrations or court orders blocking operations.
Companies have until September 1, 2024, to meet the requirements. These regulations are part of Argentina’s efforts to regulate its crypto space amidst rising adoption, particularly of stablecoins, driven by economic instability. Despite challenges like the LIBRA memecoin scandal, Argentina’s crypto inflows surpassed Brazil’s in 2023-2024, signaling growing market influence.
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The move comes amid an intensifying push for clearer regulations following a surge in crypto adoption, partially fueled by the rapid devaluation of the Argentine peso.
With Argentina now leading Latin America in crypto inflows, the country is setting a precedent in the region for balancing regulation with the accelerating digital asset trend. As global interest in cryptocurrency continues to grow, Argentina’s proactive stance aims to ensure the industry remains compliant while still fostering innovation.
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.
