Black_background_logo_BitcoinWorld-removebg-preview
Argentina Regulator Outlines Plans To Supervise Crypto Exchanges Within The Nation
Latest News News

Argentina Regulator Outlines Plans To Supervise Crypto Exchanges Within The Nation

The top Argentina financial regulator has revealed it plans to “supervise” the Latin American nation’s crypto exchanges.

The National Securities Commission (CNV) said on March 18 that it would “proceed” to police the nation’s trading platforms.

It will also create a national registry of crypto platforms, which will likely need to apply for operating licenses.

Argentina Regulator Keen to ‘Comply with FATF Regulations’

The CVM’s move comes four days after the Argentine Senate “approved the creation of a registry of cryptocurrency service providers,” Criptonoticias reported.

The media outlet previously reported that senators had “caved in” to the demands of the Financial Action Task Force (FATF).

See Also: US District Court Sanctioned SEC For Misconduct in Debt Box Crypto Case

The CNV wrote that it was “working to adapt and implement the scope” of a law that will see exchanges forced to adopt “prevention of money laundering and countering the financing of terrorism” protocols.

The measures will also see the CNV appointed as the body that “supervises, regulates, inspects, and sanctions” the nation’s crypto platforms.

FATF Grey List Warning

The Senate and CNV moves follow a visit from FATF officials earlier this month. 

The FATF has reportedly told Argentina government officials that the nation risks ending up on its “grey list” if it fails to police its crypto sector.

Crypto ownership has shot up in Argentina in recent years due to spiraling inflation. 

New President Javier Milei has responded with austerity measures aimed at addressing inflation. He has also devalued the peso, winning IMF approval in the process.

However, confidence in the fiat peso is at an all-time low. Milei pledged prior to his election to ditch the peso in favor of the US dollar.

And with USD buying caps restricting citizens, many have taken to crypto, hoping coins will provide a safe store of value.

This appears to have caught the attention of the FATF, however. And with Buenos Aires still beholden to the IMF’s support for its economic survival, Milei can ill-afford to let the nation fall onto the grey list.

New Rules Will Restrict Access, Critics Warn

Criptonoticias quoted Sonia Salvatierra, a member of the regulatory body’s board of directors, as stating that “for the CNV, it is very important to comply with the FATF report.”

See Also: OKX To End USDT Pairs In EU, Yet To List Solana Meme Coins

She added that the Argentina regulator was focused on “meeting goals” with “the objective of strengthening and promoting the development of the Argentine capital market.”

In a Medium post, the president of the crypto pressure group Bitcoin Argentina Ricardo Mihura warned that the new crypto regulations would “restrict access to the crypto asset market.”

He wrote:

“[Crypto] has been a refuge of value and guarantee for freedom for thousands of savers and freelance workers during years of inflation and arbitrary monetary restriction measures.”

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

 

#Binance #WRITE2EARN

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.