Argentina has taken a significant step toward regulating its burgeoning cryptocurrency industry by finalizing comprehensive guidelines for Virtual Asset Service Providers (VASPs). On March 13, 2025, the National Securities Commission (CNV) published General Resolution No. 1058, which establishes a robust framework to ensure transparency, stability, and user protection within the crypto ecosystem.
Key Provisions of the Regulation:
Registration Requirements: All VASPs operating in Argentina are mandated to register with the registry of virtual asset service providers (PSAV). Non-compliance may result in the revocation of registrations and potential court-ordered blocks on operations.
Fund Separation: VASPs are required to maintain a clear separation between company and client funds, safeguarding users’ assets from potential misuse or financial instability within the service provider.
Reporting Obligations: The regulations impose strict reporting standards, including monthly submissions to the CNV and mandatory annual audits, to enhance oversight and accountability within the industry.
Cybersecurity Measures: VASPs must implement robust cybersecurity protocols to protect against threats and ensure the integrity of their platforms.
Anti-Money Laundering (AML) Compliance: The guidelines emphasize the importance of preventing money laundering and terrorist financing, aligning with global standards set by the Financial Action Task Force (FATF).
Compliance Deadlines:
The CNV has established a phased timeline for VASPs to comply with the new regulations:
Individual Registrants: Individuals registered with the PSAV have until July 1, 2025, to align with the new rules.
Domestic Companies: Companies incorporated in Argentina must comply by August 1, 2025.
Foreign Companies: VASPs incorporated abroad are granted until September 1, 2025, to meet the regulatory requirements.
Roberto E. Silva, president of the CNV, emphasized the consequences of non-compliance, stating that entities failing to meet the established requirements and deadlines “will not be able to operate in Argentina.”
Context and Implications:
This regulatory development comes amid a notable increase in cryptocurrency adoption in Argentina, driven in part by the depreciation of the Argentine peso. The country’s populace has increasingly turned to digital assets, particularly stablecoins like Tether’s USDt (USDT), as a hedge against inflation. Between July 2023 and June 2024, Argentina reportedly received approximately $91 billion in crypto inflows, surpassing Brazil and positioning itself as a leader in Latin America’s crypto market.
The CNV’s proactive stance aims to integrate cryptocurrencies into the formal financial system while mitigating associated risks. By setting clear guidelines for VASPs, Argentina seeks to foster a secure environment that encourages innovation and protects users, potentially serving as a model for other nations grappling with the complexities of digital asset regulation.
In conclusion, Argentina’s finalized regulations for VASPs mark a pivotal moment in the country’s approach to digital finance. The emphasis on transparency, security, and compliance reflects a commitment to harnessing the benefits of cryptocurrency adoption while safeguarding the interests of users and maintaining financial stability.
