The National Securities Commission (CNV) and other Argentine authorities discussed the progress and challenges for the regulation of the financial sector and cryptocurrencies. The debate took place during an event on prevention of money laundering held a few days ago.
At the event, the president of the CNV, Roberto Silva, spoke about the progress made by the organization in the preparation of rules for the operation of cryptocurrency exchanges in the country.
This is a regulation that the organization must present as soon as possible, after having been designated as responsible for the supervision, regulation, inspection, oversight and sanction of service providers with virtual assets (PSAV).
Silva assured that they are currently in an advanced stage of regulating PSAVs, so expects a prompt sanction of the regulations, which will establish the requirements to follow for the operation of these platforms. He indicated that The standard will soon be submitted to public consultationalthough he did not specify a date.
“The regulation we are working on seeks a balance between not overregulating and respecting innovation, while we comply with the legal mandate to protect investors,” explained the president of the CNV. To do this, they take into account the conversations that have been held with members of the Argentine ecosystem in recent months.
As CriptoNoticias has reported, Silva has reiterated on several occasions that the organization’s objective is to “comply with the Law.”
In line with FATF provisions
In this sense, he insists that the rules that will necessarily be established They have to comply with the rules established by the Financial Action Task Force (FATF). An approach that a few months ago generated strong controversy in the Argentine ecosystem, and that was the cause of complaints among users as they felt “betrayed by President Javier Milei.”
Silva took it upon himself to wave a white flag to calm things down. The official has said that they also want to find a balance to do not scare away exchanges. «We do not want to handcuff an industry that we consider super important. Our vocation is to listen, understand and then regulate, with a standard that has had a lot of interaction with the sector,” he expressed.
However, during the event Silva insisted that the registration of cryptocurrency platforms – which began last March – It is mandatory and is the starting point of the regulation that will be implemented. The objective is to identify the human and legal persons that provide cryptocurrency services in the country.
The next step is to dictate the guidelines that must be followed and exercise supervision, which may include the application of the FATF “Travel Rule” and some other parameters that establish limits for the volume of transactions and the delivery of information to the authorities. .
To date, the list of legal entities that have already been incorporated into the PSAV registry sum 82among them there are 15 companies of foreign origin that obtained regulatory approval to operate in the country.
