Argentina Tightens Regulations on Crypto Exchanges 🇦🇷
The Argentine Securities and Exchange Commission (CVM) is implementing new regulations that will impact both individuals and legal entities involved in cryptocurrency trading in the country. Now, crypto vendors in Argentina are required to obtain operating permits by signing up for the Virtual Asset Service Providers Registry (PSAV).
Enhanced Rules Apply to All Traders 📜
These new regulations are not limited to Argentine citizens but also extend to foreign nationals engaged in crypto trading within the country. To comply with the CVM requirements, all vendors must provide detailed personal information, including their full names, dates of birth, addresses, tax codes, and telephone numbers.
- Vendors also need to disclose their website addresses
- They must provide their usernames on social media platforms
- Compliant vendors will display their CVM registration numbers on their online platforms
Compliance Deadline and Publication 📅
The CVM mandates that companies and private vendors have a 45-day window to adhere to the new rules. These rules will officially come into effect upon publication in the Legal Gazette (Boletín Oficial de la República Argentina). This move aligns with the recent decree allowing domestic companies in Argentina to transact with and hold cryptocurrencies.
Definition of Virtual Assets 📊
The CVM’s ruling includes a comprehensive definition of virtual assets, describing them as digital representations of value used for digital transfers, payments, or investments. The new rules are aimed at combating money laundering and terrorism financing in the evolving landscape of digital currencies.
“[The new rules will help] the fight against money laundering and the financing of terrorism, with regard to the adaptation of new technology.”
Regulatory Scope and Overseas Exchanges 🌍
The regulations extend to overseas exchanges catering to the Argentine market through various means. Overseas platforms with a significant trading volume originating from Argentina, local subsidiaries or partners, and offices in the country will also need to secure operating permits.
- .ar URL targeting the Argentine market
- Argentina-based subsidiaries or partners
- Offices in Argentina
Exemptions for Small-Scale Traders 🧑💻
The new regulations do not apply to small-scale traders or peer-to-peer vendors. Individuals and companies with transactions below 35,000 units of purchasing power (UVA) are exempt from these stringent compliance requirements.
Hot Take: Argentina’s Crypto Regulatory Landscape 🔥
Argentina is taking significant steps to regulate its crypto market and protect against financial crimes. The new rules will likely bring more transparency and accountability to the sector, ensuring a safer environment for cryptocurrency transactions in the country.
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