Catenaa, Friday, February 21, 2025 – Argentina National Securities Commission (CNV) is pressing ahead with new cryptocurrency regulations despite the controversy surrounding President Javier Milei’s alleged endorsement of the Libra token.
The scandal erupted after Milei’s post on social media platform X appeared to promote Libra, causing a price surge followed by extreme volatility. The CNV stated it cannot intervene since Libra is traded on decentralized platforms beyond its jurisdiction.
The regulatory body is expediting investor protection measures, including enforcing Know Your Customer (KYC) checks and requiring crypto firms to disclose capital reserves. It is also advancing its Virtual Asset Service Provider (VASP) licensing system, which has already registered 120 companies.
The scandal, coupled with a lack of advertising regulations for digital assets, has renewed urgency for crypto oversight. The CNV’s new regulations are expected to take effect by year-end, with experts predicting a sharp decline in registered crypto firms.
