Argentina implements new national registry for crypto exchanges to boost market integrity
Argentina is making moves to ensure market integrity by implementing a national registry for crypto exchanges, demonstrating a firm hold on the growing industry.
The National Securities Commission (CNV) of Argentina has introduced the Virtual Asset Service Provider (VASP) registry, with close to a hundred individuals and legal entities submitting applications, according to official reports.
The registry is open to new applicants interested in providing crypto trading services within the country, but they must wait for confirmation before starting operations. Out of the 85 requests received from legal entities since the registry’s inception, 35 have been successfully registered, which includes four foreign platforms that were not named.
Entities that have followed the requirement to apply for registration will be allowed to continue their activities in Argentina, while those that have not will be prohibited from operating until they are registered, as stated in the announcement.
Argentina had initially introduced mandatory registry rules for the crypto industry in late March, with CNV chair Roberto E. Silva emphasizing the country’s efforts to swiftly comply with regulations to combat money laundering and terrorism financing.
Despite these efforts, the local crypto community has voiced concerns regarding increased government oversight. 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 “bad idea,” arguing that Bitcoin should be considered as money rather than 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 both legitimate transactions and fraudulent activities. The CNV’s regulations aim to address these risks while still promoting innovation in the crypto industry.
For more information, interest in Bitcoin in Argentina has reached a 20-month high as inflation has soared over 270%.
