Crypto companies domiciled in Argentina will be subjected to the newly established regulatory requirements of Argentina’s National Securities Commission (CNV).
According to the CNV, the fundamental motivation behind the new regulations for cryptocurrency businesses is to adhere to the global standards demanded by the Financial Action Task Force, which will assess Argentina in 2024.
If the requirements of Argentina’s National Securities Commission (CNV) eventually become law, all virtual assets related to it will be subjected to money laundry scrutiny.
As part of the build-up to the crypto regulatory requirements, Argentina’s National Securities Commission (CNV) is taking inputs from professionals within the crypto ecosystem.
The CNV bill also stipulates that crypto companies cater to user protection, security of funds, operational efficiency, prevention of money laundering and so much more.
Argentina has a friendly policy on stablecoins
San Luis policymakers on Dec. 19, 2022, passed a new law titled Financial Innovation for Investment and Social Economic Development that will make stablecoin technology possible.
The objective of the policy was to launch a new coin called “CityCoin,” which will be accessible to all province citizens over the age of 18. The province’s liquid financial assets serve as the only security for the CityCoin token, also known as the “Activo Digital San Luis de Ahorro.”
A recent report by crypto.news highlighted Argentina’s draft bill that requires the citizens to declare their cryptocurrency holdings or be liable to a heavy tax penalty.