Argentina Gears Up To Regulate Cryptocurrency Services Under Emergency Decree
Argentina is gearing up to regulate cryptocurrency service providers through an executive order, with President Javier Milei reportedly preparing to issue an emergency decree.
The move aims to establish a comprehensive framework for overseeing the operations of these providers, placing them under the jurisdiction of the national securities watchdog (CNV). President Milei’s primary focus is on preventing Argentina from landing on the Financial Action Task Force (FATF) gray list, a position the country held from 2010 to 2014 due to lax money laundering policies. The impending FATF visit, scheduled to assess Argentina’s money laundering countermeasures, is a driving force behind this regulatory initiative. Under the forthcoming decree, all cryptocurrency service providers, even those not based in Argentina, must register with the national cryptocurrency watchdog and obtain a license from the organization.
Additionally, they will need to provide information to the national intelligence unit, ensuring compliance with anti-money laundering laws and requiring them to produce risk reports and report suspicious movements. The regulatory measures could potentially reshape the crypto landscape, as larger providers may seamlessly comply, while smaller exchanges and peer-to-peer markets may face challenges leading to withdrawal. The government plans to issue the executive order before March 6, aligning it with the FATF’s scheduled visit to assess Argentina’s anti-money laundering measures.
Clever Robot News Desk 23rd February 2024
