Argentina’s mandatory registry for Bitcoin and Crypto platforms
In December 2023, Argentina welcomed a new president, Javier Milei, an anarcho-capitalist and libertarian leader. His plans to rebuild the national economy and dollarize it were seen as a potential boost for Bitcoin and cryptocurrencies. However, a few months into his term, more regulation is emerging.
Last week, the Comisión Nacional de Valores (CNV) in Argentina announced a mandatory Registry of Virtual Asset Service Providers for those operating with crypto assets in the country. This registration, approved by the Argentine senate, is part of amendments to the current regulatory framework to address the Financial Action Task Force recommendations.
This new requirement will impact businesses providing services such as buying, selling, sending, receiving, lending, or trading cryptos. Every provider must complete the registration, and the regulation applies not just to locally based companies but also those operating in the market from elsewhere.
Rebuilding Argentina’s economy
CNV’s president, Roberto E. Silva, stated unequivocally, “Those who are not registered will not be able to operate in the country.” Following the announcement, the securities watchdog participated in a meeting with the country’s main legal firms and the Fintech chamber on the implementation of the Registry.
Critics of the move, like Manuel Ferrari, an Argentinian NGO Directive member and Money On Chain protocol co-founder, argue that this measure does not fit into the pro-Bitcoin stance many people attributed to Milei. However, Milei or his party didn’t present the initiative to Congress.
“Milei is not ‘pro-Bitcoin’ in particular. He respects the freedom of currencies and will not interfere if you want to use bitcoin. But he would do the same if you want to use a rock or copper,” explained Nicolas Bourbon, KamiPay payments solution co-founder. Both Ferrari and Bourbon believe this isn’t a regulation that will affect users in the short term but aims to satisfy international institutions’ demands.
According to Chainalysis’ Global Crypto Adoption Index Top 20, Argentina is the 15th largest cryptocurrency market in the world. The future of the Argentinian market is yet to be discovered, but users can rest assured that this new regulation will not affect them immediately.
