Markets
Argentina introduces a national registry for cryptocurrency exchanges to improve market integrity
With an eye on market integrity, Argentina is launching a national registry for cryptocurrency exchanges, signaling an ever-tightening grip on the burgeoning sector.
ArgentinaThe National Securities Commission (CNV) has launched the Virtual Asset Service Providers (VASP) registry, receiving applications from nearly a hundred individuals and legal entities, according to government decision announcement.
The registry will accept new applications from entities interested in offering cryptocurrency trading services in the country, provided that applicants must wait for confirmation of registration before starting operations. The commission says that of the 85 requests received from legal entities since the register was launched, 35 have been successfully registered so far, including four relating to foreign platforms without naming them.
Those who have complied with the obligation to submit applications for registration to the registry will be allowed to continue operations in Argentina, while non-compliant entities will be prevented from carrying out activities until registration, the announcement said.
Argentina first revealed mandatory registry requirements for the crypto space at the end of March, with CNV President Roberto E. Silva said the country “worked against time to promote compliance” aimed at preventing money laundering and terrorist financing.
Despite these measures, the local crypto community has expressed concerns about increased government regulation. In a interview With Forbes, Manuel Ferrari, a member of the Argentine NGO Directorate and co-founder of the Money On Chain protocol, criticized the registry as a “terrible idea”, arguing that Bitcoin is “money, not a security”.
As crypto.news previously reported, Argentinians are turning to Bitcoin and other cryptocurrencies as a financial haven, leading to an increase in both legitimate transactions and scam activity. Therefore, CNV regulation purports to mitigate these risks without stifling innovation in the cryptocurrency industry.