Argentina launches national registry for crypto exchanges to improve market integrity
Argentina is taking steps to ensure market integrity by introducing a national registry for crypto exchanges, showing a firm control over the growing sector.
The National Securities Commission (CNV) in Argentina has launched the Virtual Asset Service Provider (VASP) registry and has already received applications from nearly a hundred individuals and legal entities, according to the government’s announcement.
Entities interested in providing crypto trading services in the country can apply to the registry, but they must wait for confirmation of registration before starting operations. Since the launch of the registry, the commission has received 85 requests from legal entities, with 35 successfully registered so far, including four foreign platforms that have not been named.
To continue operations in Argentina, entities must comply with the requirement to submit registration requests to the registry. Those that do not comply will be prohibited from conducting activities until they are registered, as stated in the announcement.
Argentina initially introduced mandatory registry requirements for the crypto space in late March, with CNV chair Roberto E. Silva emphasizing the country’s efforts to prevent money laundering and terrorism financing.
Despite these efforts, the local crypto community has voiced concerns about excessive government regulation. In an interview with Forbes, Manuel Ferrari, a member of the Argentinian NGO Directive and co-founder of the Money On Chain protocol, criticized the registry as a “terrible idea,” arguing that Bitcoin should be considered as money, not a security.
As reported by crypto.news, Argentinians are increasingly turning to Bitcoin and other cryptocurrencies as a financial safe haven, leading to a surge in legitimate transactions as well as scam activities. The CNV’s regulations aim to reduce these risks while still allowing for innovation in the crypto space.
