Argentina’s National Securities Commission to Set Requirements and Rules for Crypto Companies

Argentina’s National Securities Commission to Set Requirements and Rules for Crypto Companies

The jurisdiction of that agency is established in a law now being debated in the Argentine Congress.

On Tuesday, Argentina’s National Securities Commission (CNV) announced that it would develop and oversee standards for crypto firms nationwide.

The CNV’s jurisdiction over virtual asset service providers is specified in a money laundering prevention law revision being debated in the Argentine Congress.

If the bill is passed, the CNV intends to interact with all members of Argentina’s crypto ecosystem to solicit their feedback as it works to develop laws.

Argentina's National Securities Commission to Set Requirements and Rules for Crypto Companies Forks Daily

A regulation that cannot be executed is the worst-case scenario, according to a CNV source.

The conditions that crypto firms must follow, according to the bill, include, among other things, user safety, security, and efficiency in the development of operations, the security of public savings, and the prevention of money laundering.

According to the CNV, the major reason for the additional regulations for crypto firms is to comply with international standards mandated by the Financial Action Task Force, which will undertake an evaluation in Argentina in 2024.

 

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