Argentina’s government has introduced new mandatory registration requirements for cryptocurrency firms in an effort to enhance the country’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework. The Comisión Nacional de Valores (CNV), Argentina’s securities regulatory authority, has announced that virtual asset service providers must comply with these new regulations. This move aligns with the recommendations from the Financial Action Task Force (FATF) and is seen as a significant moment for digital asset services in Argentina.
Argentina’s Senate has passed modifications to existing legislation to target money laundering and terrorism financing, allowing for stricter oversight on crypto operations. The CNV has stressed that these changes are in line with FATF guidelines, which aim to ensure transparency and accountability in virtual asset service providers. Unregistered crypto firms will no longer be allowed to operate within the country. These regulations are part of Argentina’s broader efforts to integrate into the global financial system by adopting internationally recognized standards and practices.
The requirement for crypto businesses to register with the Argentine government represents a shift towards more regulated and structured oversight of digital assets in the country. The reforms, which were initiated prior to the election of President Javier Milei, a supporter of Bitcoin and digital currencies, have sparked discussions within the crypto community. The implementation of FATF’s recommendations has raised concerns about the future of digital assets in Argentina, particularly among those who saw Milei’s presidency as a positive development for the crypto space.
The new regulations have already had an impact on the operations of Strike, a popular custodial Lightning wallet in Argentina that facilitates Bitcoin payments. Users have reported that the app no longer supports sending fiat to bank accounts, indicating a direct effect on the availability of certain crypto services in the country. This development emphasizes the broader implications of the new requirements for businesses in the digital asset sector and their customers.
Argentina’s Minister of Foreign Affairs has even suggested the possibility of settling contracts using Bitcoin and other cryptocurrencies, demonstrating the government’s interest in exploring the potential of digital assets. Despite these regulatory changes, President Milei remains engaged with the public on various national issues, showing his ongoing commitment to addressing Argentina’s past and future challenges.
Argentina’s decision to implement registration requirements for cryptocurrency firms is a crucial step in enhancing the regulatory framework for digital assets within the country. By aligning with FATF recommendations, Argentina aims to combat money laundering and terrorism financing more effectively while fostering a safe and transparent environment for the growing crypto industry. As the global landscape for digital currencies continues to evolve, Argentina’s approach to regulation may offer valuable insights for other nations grappling with the complexities of cryptocurrency oversight.
