The Argentine Senate gave final approval to a law creating a registry of Virtual Asset Service Providers (VASPs) overseen by the National Securities Commission (CNV). This measure, which impacts crypto exchanges and wallets, aims to meet minimum requirements set by the Financial Action Task Force (FATF), an organization currently visiting Argentina to review its anti-money laundering and counter-terrorist financing alignment.
“Solicito la aprobación del proyecto de ley de lavado de activos, que tiene media sanción de Diputados y viene a cumplir un compromiso que tiene la Argentina con el GAFI (Grupo de Acción Financiera Internacional)”, señala @Juancarlos8752 pic.twitter.com/PgOXfWPn3k
— Senado Argentina (@SenadoArgentina) March 14, 2024
Leading Latin American crypto financial services firm Bitso believes the regulation will provide more predictability and security for the industry and investors, as long as it is accompanied by proper implementation through dialogue between authorities and the private sector.
The new law reforms the national AML/CFT framework, defining VASPs and placing them under CNV oversight as entities obligated to report to the Financial Information Unit (UIF). VASPs must now register with the CNV, meet corporate structure and business plan requirements, implement AML/CFT measures, and protect user data.
The government states a reliable regulatory framework generates greater legal certainty, confidence, and tools to prevent illicit use, while providing predictability on sector risks and public resource management. Most industry players, including the Argentine Fintech Chamber, view the regulations positively for meeting international standards and ensuring transparency for the country’s estimated 10+ million crypto users.
