Markets
Argentina introduces national registry for cryptocurrency exchanges to improve market integrity
With an eye on market integrity, Argentina is launching a national registry for cryptocurrency exchanges, signaling increasing control over the burgeoning sector.
ArgentinaThe National Securities and Exchange Commission (CNV) launched the registration of Virtual Asset Service Provider (VASP), receiving requests from almost a hundred individuals and legal entities, as determined by the government. announcement.
The registry will accept new applications from entities interested in offering crypto trading services in the country, with the condition that applicants will have to wait for registration confirmation before commencing operations. The commission says that of the 85 applications received from legal entities since the launch of the registry, 35 have been successfully registered so far, including four from foreign platforms without naming them.
Those that met the requirement to submit registration requests to the registry would be allowed to continue operations in Argentina, while non-compliant entities would be prevented from carrying out activities until they are registered, the announcement says.
Argentina revealed for the first time mandatory registration requirements for the crypto space in late March, with CNV President Roberto E. Silva saying the country “worked around the clock to advance compliance” aimed at preventing money laundering and terrorist financing.
Despite these measures, the local crypto community has expressed concerns about increased government regulation. On a interview with Forbes, Manuel Ferrari, member of the Argentine NGO Guideline and co-founder of the Money On Chain protocol, criticized the registry as a “terrible idea,” arguing that Bitcoin is “money, not a security.”
As crypto.news previously reported, Argentines are turning to Bitcoin and other cryptocurrencies as a financial haven, leading to an increase in both legitimate transactions and fraudulent activity. As such, the CNV regulation aims to mitigate these risks without stifling innovation in the crypto space.