Argentina Regulator Outlines Plans to Police Crypto Exchanges
The top Argentinian financial regulator says it plans to “supervise” the Latin American nation’s crypto service providers.
The National Securities Commission (CNV) said on March 18 that it would “proceed” to police the nation’s trading platforms.
It will also create a national registry of crypto platforms, which will likely need to apply for operating licenses.
The CVM’s move comes four days after the Argentine Senate “approved the creation of a registry of cryptocurrency service providers,” Criptonoticias reported.
The media outlet previously reported that senators had “caved in” to the demands of the Financial Action Task Force (FATF).
The CNV wrote that it was “working to adapt and implement the scope” of a law that will see exchanges forced to adopt “prevention of money laundering and countering the financing of terrorism” protocols.
The measures will also see the CNV appointed as the body that “supervises, regulates, inspects, and sanctions” the nation’s crypto platforms.
The Senate and CNV moves follow a visit from FATF officials earlier this month. The FATF has reportedly told Argentina government officials that the nation risks ending up on its “grey list” if it fails to police its crypto sector.
Crypto ownership has shot up in Argentina in recent years due to spiraling inflation. New President Javier Milei has responded with austerity measures aimed at addressing inflation. He has also devalued the peso, winning IMF approval in the process.
Argentina’s monthly inflation slowed for a second consecutive time as President Javier Milei’s austerity measures push the economy into recession https://t.co/eLXX06NSVE
— Bloomberg Markets (@markets) March 12, 2024
However, confidence in the fiat peso is at an all-time low. Milei
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