Argentina’s government has recently introduced regulations for cryptocurrency exchanges to ensure their proper operation within the country. The Comisión Nacional de Valores (CNV), which serves as Argentina’s securities regulator, announced on March 25 that virtual asset service providers must comply with recommendations from the Financial Action Task Force (FATF). These recommendations are aimed at aligning crypto-related services with the country’s Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws. Consequently, companies providing such services are required to register with the Argentine government.
This development stems from the approval of modifications to Argentina’s laws on money laundering and terrorist financing prevention by the country’s senate on March 14. CNV President Roberto Silva emphasized that unregistered virtual asset service providers would not be permitted to operate in Argentina. These changes to the laws regulating cryptocurrencies were discussed prior to Javier Milei’s presidential victory in November 2023. Milei, known for his supportive stance towards Bitcoin, received positive attention from crypto enthusiasts. The implementation of the FATF recommendations has raised concerns about the future prospects of digital assets in Argentina.
Reports suggest that Strike, a popular app in Argentina for facilitating Bitcoin payments via the Lightning network, has now disabled the feature allowing locals to send fiat currency to bank accounts. The implications of these requirements for businesses and customers in Argentina remains uncertain at this stage. It is worth noting that in December 2023, the country’s minister of foreign affairs stated that contracts could be settled using Bitcoin and other cryptocurrencies. Milei made a public address on April 2 during a Malvinas Day ceremony, which commemorates the lives lost during the Falklands War in 1982.
