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Argentina creates fresh rules on companies offering cryptocurrencies

Argentina has enacted thorough rules for virtual asset service providers (VASPs), therefore implementing rigorous compliance policies to guarantee stability, openness, and user protection. The new structure calls for VASPs to register, keep cybersecurity systems in place, separate business and client money, and go through frequent audits. Companies that disobey could be subject to national operational prohibitions.

The financial regulatory authority of Argentina has published fresh rules meant to control virtual asset service providers (VASPs), therefore defining precise operating parameters to improve security and openness in the bitcoin market.

Approved by the National Securities Commission (CNV), the resolution addresses asset custody rules, cybersecurity policies, registration responsibilities, and anti-money laundering criteria. The new rules mandate monthly compliance reporting to the CNV, annual financial audits, and separation of business and customer funds. These steps seek to provide consumers of digital assets a safer trading space.

Under the most recent structure, VASPs have to register via the official Virtual Asset Service Provider Registry (PSAV). Entities that are non-compliant run the danger of losing their registration status and might be subject to legal action, stopping their operations inside Argentina. While domestic businesses have until August 1 to satisfy the new criteria, individual registrants have until July 1. International companies doing business in Argentina have until September 1 to comply with the rules.

Regulators have underlined that these rules were created to balance ensuring appropriate control with promoting creativity without burdening the sector too much. Improving investor confidence and curbing financial misbehavior in the bitcoin field comes first.

Driven mostly by economic uncertainty and the devaluation of the Argentine peso, Argentina continues to be a leader in bitcoin acceptance despite regulatory restrictions. Stablecoins have become rather popular since many people choose digital assets as an inflation hedge. With almost $91 billion in digital asset inflows in a year, Argentina topped Brazil in crypto transaction volume, according to a new study.

The legislative change corresponds with growing industry scrutiny, especially in light of recent events involving well-known crypto initiatives. But Argentina’s dedication to organized digital asset policies points to a mature industry that opens the path for further institutional and general acceptance.

Argentina is presenting itself as a controlled but vibrant hub for cryptocurrency services with these new regulations in place, striking a balance between investor protection and innovation and security.

author avatar
Alex
Formally freelance blogger Alex is passionate writer with interest in Finance and Business, fascinated about crypto following news and covering stories.
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