Thursday, April 18, 2024 – Argentina’s market regulator, the Comision Nacional de Valores, imposed a new mandatory registry for Bitcoin and crypto trading in March, Forbes reported. 1
The CNV is the regulatory body responsible for overseeing and regulating the securities market in Argentina. It functions similarly to the Securities and Exchange Commission (SEC) in the United States and other securities regulatory authorities around the world.
“This new requirement will affect businesses dedicated to providing several services, such as buying, selling, sending, receiving, lending, or trading cryptos,” Forbes reported. 1
The trading firms were informed to submit the approved registration on March 14.
“Those who are not registered will not be able to operate in the country,” CNV’s president, Roberto E. Silva, said. 2
The Argentine senate has passed legislation approving the registry.
The new registry is formulated as part of the amendments to the prevailing regulations to meet the recommendations of the Financial Action Task Force. 1
It is noted that completion of the registration is mandatory for all providers and the regulations will be applicable to both local and foreign companies working in the market.
The eradication of anti-money and terrorist financing laws was prominently focused on upgrading with the new registration process, reported Binance. 3
Several veterans of the field have demonstrated their opinions regarding the new steps taken by the Argentine authorities.
“Bitcoin is money, not a security. It’s as wrong as if currency exchange houses for dollars or euros or shops where gold is bought and sold had to register with the CNV. It’s complete nonsense,” Argentinian NGO Directive member and Money on Chain protocol co-founder Manuel Ferrari stated to Forbes. 4
- Mandatory Registry: https://www.forbes.com/sites/digital-assets/2024/03/31/argentina-unveiled-mandatory-registry-for-bitcoin-and-crypto-platforms/?sh=76d64dd59fed[↩][↩][↩]
- Mandatory Registry: https://www.forbes.com/sites/digital-assets/2024/03/31/argentina-unveiled-mandatory-registry-for-bitcoin-and-crypto-platforms/?sh=76d64dd59fed[↩]
- Mandatory Registry: https://www.binance.com/en/square/post/6196319532273[↩]
- https://www.forbes.com/sites/digital-assets/2024/03/31/argentina-unveiled-mandatory-registry-for-bitcoin-and-crypto-platforms/?sh=76d64dd59fed[↩]
