Argentina implements new national registry for cryptocurrency exchanges to strengthen market integrity
Argentina is taking steps to ensure market integrity by introducing a national registry for crypto exchanges, indicating a stronger hold on the growing sector.
The National Securities Commission (CNV) of Argentina has initiated the Virtual Asset Service Provider (VASP) registry, with nearly a hundred individuals and legal entities submitting applications, according to the official government statement.
The registry will consider new applications from entities interested in offering crypto trading services within the country. However, applicants must await confirmation of registration before they can begin 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 were not named.
Entities that have adhered to the requirement of submitting registration requests to the registry will be allowed to continue operations in Argentina. Those that do not comply will be prohibited from conducting activities until they are registered, as stated in the announcement.
Argentina had initially introduced mandatory registry requirements for the crypto industry at the end of March. CNV chair, Roberto E. Silva, emphasized that the country was working diligently to ensure compliance to prevent money laundering and terrorism financing.
Despite these efforts, the local crypto community has expressed apprehensions about increased 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 both legitimate transactions and scam activities. The CNV’s regulations aim to mitigate these risks while still fostering innovation within the crypto industry.
