This Wednesday, the NGO Bitcoin Argentina issued a statement against the project of the National Securities Commission (CNV) to create a registry of digital asset service providers (PSAV). The NGO argues that this registry introduces “distortions and inefficiencies” in the market.
According to the NGO, the registry poses “great risks.” How the new regulation could trigger obstacles in a sector that currently operates without problems.
“The present is not a future market, non-existent, uncertain or new, nor in crisis or emergency, but rather an existing one that works well,” it is clarified, “while the new rules will benefit some players in the ecosystem, it reduces the appearance of others and will not prevent the appearance of future scams,” they added.
“This presents a risk for the CNV itself and for the users, since it is not only inefficient to provide greater security tools to the latter, but it will even create a false sense of security and supervision by the CNV seal, in a market that is eminently risky, asymmetrical, global and unfathomable”, it is indicated in the release.
Furthermore, the NGO maintains that it would be more appropriate to “dismiss this law and limit its scope to Money Laundering and Terrorist Financing.”
Ricardo Mihura, president of the NGO Bitcoin Argentina, emphasizes that the country is “in a unique opportunity to bet on deregulation, to maintain the freedom that has given such good results so far for the growth of a healthy ecosystem and that is a model for the rest of the world.”
Mihura adds: “We cannot understand how the CNV chooses in the field of bitcoin and cryptoasset services to leave the government’s deregulatory imprint to propose an inefficient regulatory burden that has the immediate consequence of expelling or dragging small businesses into illegality. and self-employed workers in the sector, and also make it difficult and add risks and regulatory costs to the birth of new projects.”
For his part, Rodrigo Andragnes, founder of the NGO, believes that “it is advisable to take the necessary technical time to analyze whether a PSAV regulation really adds value to the community.”
A key point that the proposal highlights is that cryptocurrency exchange platforms operate globallyand it is hardly credible that the CNV can assure Argentine users that the operations and cryptoassets traded on these platforms will be supervised, including the honesty of the projects, according to the bitcoiner organization.
In Argentina, the registry of cryptocurrency exchanges and platforms has already been created, promoted by the CNV. This was approved by Congress in March of this year, as reported by CriptoNoticias.
This registry seeks to comply with the recommendations of the Financial Action Task Force (FATF), which recently praised Argentina for its efforts in this area.
However, the implementation of this registry has generated criticism within the cryptocurrency communityeven going so far as to question the position of President Javier Milei for allowing such regulation, considering it a setback for the financial freedom that the community defends.
This article was created using artificial intelligence and edited by a human Editor.
