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Argentina’s National Securities Commission to Oversee Crypto Platforms
The top Argentinian financial regulator, the National Securities Commission (CNV), announced its plans to supervise the nation’s crypto service providers. This move aims to enhance oversight and regulation in the Latin American country’s cryptocurrency sector.
National Registry of Crypto Platforms
The CNV will establish a national registry of crypto platforms, requiring these entities to apply for operating licenses. This initiative is part of the regulator’s efforts to comply with international standards and ensure transparency in the crypto market.
Compliance with FATF Regulations
The CNV’s decision follows the approval of a registry of cryptocurrency service providers by the Argentine Senate. This move is in response to the demands of the Financial Action Task Force (FATF) to prevent money laundering and terrorism financing in the crypto industry.
Supervision and Regulation
Under the new regulations, the CNV will be responsible for supervising, regulating, inspecting, and sanctioning crypto platforms in Argentina. This comprehensive approach aims to ensure compliance with legal requirements and protect investors in the market.
Concerns and Criticisms
Some critics have raised concerns about the potential impact of the new rules on access to the crypto market. Sonia Salvatierra, a member of the CNV’s board of directors, emphasized the importance of aligning with FATF guidelines while promoting the development of the Argentine capital market.
In a statement, Ricardo Mihura, president of Bitcoin Argentina, warned that the regulations could limit access to cryptoassets, which have served as a store of value for many individuals in the face of economic challenges.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
