Argentina is taking steps to ensure market integrity by implementing a national registry for crypto exchanges, demonstrating a firm hold on the growing industry.
The National Securities Commission (CNV) in Argentina has introduced the Virtual Asset Service Provider (VASP) registry, with close to a hundred individuals and legal entities already submitting applications, according to an official government announcement.
Entities interested in providing crypto trading services in the country can apply for registration through the registry, but must wait for confirmation before starting operations. Since the launch of the registry, 85 requests have been received from legal entities, with 35 successfully registered so far, including four foreign platforms that remain unnamed.
Entities that have submitted registration requests to the registry in compliance with the requirement can continue operations in Argentina, while those that have not will be prohibited from conducting activities until registered, as stated in the announcement.
In late March, Argentina initially introduced mandatory registry requirements for the crypto industry, with CNV chair Roberto E. Silva emphasizing the country’s efforts to ensure compliance and prevent money laundering and terrorism financing.
Despite these regulations, the local crypto community has raised concerns about increased government oversight. Manuel Ferrari, a member of the Argentinian NGO Directive and co-founder of the Money On Chain protocol, criticized the registry in an interview with Forbes, describing it as a “terrible idea” and emphasizing that Bitcoin should be viewed as money, not a security.
As reported by crypto.news, Argentinians are increasingly turning to Bitcoin and other cryptocurrencies as a financial safe haven, leading to a surge in both legitimate transactions and fraudulent activities. The CNV’s regulations aim to address these risks while still encouraging innovation in the crypto sector.
For more information, Bitcoin interest in Argentina has reached a 20-month high as inflation in the country has surpassed 270%.