Argentina launches national registry for cryptocurrency exchanges to improve market integrity
Argentina is taking steps to ensure market integrity by implementing a national registry for crypto exchanges, indicating a stricter control over the growing sector.
The National Securities Commission (CNV) of Argentina has introduced 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 offering crypto trading services in the country can apply for registration with the registry, but they must wait for confirmation before starting operations. Since the launch of the registry, the commission has received 85 requests from legal entities, out of which 35 have been successfully registered, including four foreign platforms whose names were not disclosed.
Compliant entities that have submitted registration requests will be allowed to continue operations in Argentina, while non-compliant ones will be prohibited from conducting activities until they are registered, as stated in the announcement.
In late March, Argentina introduced mandatory registry requirements for the crypto industry, with CNV chair Roberto E. Silva emphasizing the country’s efforts to prevent money laundering and terrorism financing.
Despite these regulations, there are concerns within the local crypto community regarding increased government control. 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, 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 rise in both legitimate transactions and fraudulent activities. The CNV’s regulatory measures aim to address these risks while still fostering innovation in the crypto sector.
For more information, read: Bitcoin interest in Argentina hits 20-month high as inflation soars above 270%.
