The National Securities Commission (CNV) of Argentina, an organization that regulates and supervises the local capital market and also has under its control the recently created registry of Virtual Asset Service Providers (PSAV), has published a proposed regulatory regulation for PSAVs.
This is a “proposal” since It will be available for thirty business days so that anyone can provide their opinion and propose modifications to the regulatory projectthrough the “Participatory Development of Standards” mechanism.
Then, considering all the opinions received, the CNV could introduce changes to the project.
The regulatory proposal deals with obligations that PSAVs must assume to be able to operate in Argentina.
In an article previously published in CriptoNoticias, we have already commented on the creation of the PSAV registration by the CNV, which already has more than 84 registered subjects.
The regulations in force in Argentina consider PSAV to be any person or company that, “as a business”, is dedicated to the activities of sale and/or transfer and/or custody of “virtual assets”, among others.
Now, the CNV’s regulatory proposal aims to introduce new obligations for PSAVs.
Among the proposed changes is the creation of PSAV categories, according to the activity carried out:
- Category 1: Exchange between virtual assets and legal tender currencies (fiat currencies). Example, sale of USDT in exchange for dollars.
- Category 2: Exchange between one or more forms of virtual assets. Example, bitcoin for USDT.
- Category 3: Transfer of virtual assets.
- Category 4: Custody and/or administration of virtual assets.
- Category 5: Participation and provision of financial services related to the offer and/or sale of a virtual asset by an issuer.
And at this point, it becomes clear that the Natural persons could only carry out the activities provided for in Categories 1 and 2.
In addition, The project proposes requiring PSAVs to have a “minimum equity”: Depending on the “category” in which they are registered, PSAVs should have their own assets that could reach USD 150,000.
In addition, PSAVs would be required to designate internal agents responsible for regulatory compliance and relations with the public.
Finally, among the main requirements that are intended to be implemented, is the obligation that the PSAVs will have to comply with periodic reporting regimes, where they will report to the CNV data such as, for example, number of clients, volume of operations and most traded virtual assets. .
Although this project is in the “public consultation” stage and may undergo modifications before its final approval, it will surely will mean a large increase in the administrative burden borne by exchanges of cryptocurrencies in Argentina.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias. The author’s opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.