Argentina’s Comisión Nacional de Valores (CNV) has recently implemented a new set of regulations for virtual asset service providers (PSAVs) to enhance transparency and consumer protection in the crypto sector. The regulatory framework, known as Resolution No. 1058, was approved after a thorough public consultation process and grants the CNV authority over virtual asset service providers.
The new rules require PSAVs to adhere to registration, cybersecurity, anti-money laundering, and asset custody standards. These guidelines aim to ensure that companies facilitating transactions, custody, or intermediation of digital assets comply with stringent operational guidelines. Non-compliance can result in severe penalties for these service providers.
Roberto E. Silva, the President of CNV, emphasized the importance of maintaining a balance between effective regulation and fostering innovation in the industry. He highlighted that the regulatory framework was designed to be both effective and aligned with the law, while also considering input from industry stakeholders who participated in the public consultation.
Under the new regulations, PSAVs must implement robust information security policies to safeguard users against cyber threats. They are also required to uphold prudent financial safeguards for asset custody, ensuring the proper segregation of client funds. Additionally, providers must disclose any agreements with third parties, including partnerships with financial institutions, custodians, and foreign affiliates. Annual audits will be mandatory to verify compliance with the framework.
Companies operating in Argentina must register with the CNV within specified deadlines. The full regulatory framework is set to take effect on December 31, 2025. Individual providers of virtual asset services must complete registration by July 1, 2025, while domestically incorporated firms have until August 1, 2025. Foreign entities seeking to operate in Argentina must register by September 1, 2025.
The CNV has been granted broad enforcement powers under the new resolution. It can suspend or revoke licenses of non-compliant service providers and, in coordination with judicial authorities, block unregistered PSAVs from operating in Argentina. Additionally, virtual assets classified as publicly offered securities will remain subject to Argentina’s Capital Markets Law (No. 26,831), subjecting them to additional oversight.
While the CNV does not directly regulate cryptocurrencies, the new regulatory framework represents a significant step towards formal oversight of Argentina’s digital asset sector. This move aligns with global trends, as regulators worldwide seek to address risks associated with digital asset platforms while promoting responsible industry development.
In conclusion, the introduction of these new regulations by the CNV reflects a proactive approach to regulating the virtual asset service providers in Argentina. By establishing clear guidelines for registration, cybersecurity, anti-money laundering, and asset custody, the CNV aims to create a more transparent and secure environment for participants in the crypto sector.