Argentina launches new national registry for cryptocurrency exchanges to improve market integrity
Argentina is taking steps to ensure market integrity by introducing a national registry for crypto exchanges, demonstrating a stronger hold on the growing sector.
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 already submitting applications, according to the government’s announcement.
Entities interested in offering crypto trading services in Argentina can apply to the registry, but must wait for confirmation of registration before starting operations. The commission has revealed that out of the 85 requests from legal entities received since the registry’s inception, 35 have been successfully registered, including four foreign platforms, although their names were not disclosed.
Entities that have complied with the registration process will be allowed to continue operations in Argentina, while those who have not 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 in late March, with CNV chair Roberto E. Silva emphasizing the country’s efforts to combat money laundering and terrorism financing.
Despite these regulations, concerns have been raised within the local crypto community 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 “terrible idea,” arguing that Bitcoin should be viewed as money, not a security.
As reported by crypto.news, Argentinians are increasingly turning to Bitcoin and other cryptocurrencies as a safe haven amidst financial instability, leading to a surge in legitimate transactions as well as fraudulent activities. The CNV’s regulations aim to address these risks while promoting innovation in the crypto space.
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