Bitcoin
Bitcoin (BTC)
$63,153.00 -0.98602
Bitcoin price
Ethereum
Ethereum (ETH)
$3,083.09 0.56072
Ethereum price
BNB
BNB (BNB)
$552.91 0.68611
BNB price
Solana
Solana (SOL)
$136.46 -3.36913
Solana price
XRP
XRP (XRP)
$0.4929680 1.28343
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 1.29814
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000049 -3.90978
Pepe price
Bonk
Bonk (BONK)
$0.0000145 -5.62679
Bonk price
Bitcoin
Bitcoin (BTC)
$63,153.00 -0.98602
Bitcoin price
Ethereum
Ethereum (ETH)
$3,083.09 0.56072
Ethereum price
BNB
BNB (BNB)
$552.91 0.68611
BNB price
Solana
Solana (SOL)
$136.46 -3.36913
Solana price
XRP
XRP (XRP)
$0.4929680 1.28343
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 1.29814
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000049 -3.90978
Pepe price
Bonk
Bonk (BONK)
$0.0000145 -5.62679
Bonk price
Bitcoin
Bitcoin (BTC)
$63,153.00 -0.98602
Bitcoin price
Ethereum
Ethereum (ETH)
$3,083.09 0.56072
Ethereum price
BNB
BNB (BNB)
$552.91 0.68611
BNB price
Solana
Solana (SOL)
$136.46 -3.36913
Solana price
XRP
XRP (XRP)
$0.4929680 1.28343
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 1.29814
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000049 -3.90978
Pepe price
Bonk
Bonk (BONK)
$0.0000145 -5.62679
Bonk price
Bitcoin
Bitcoin (BTC)
$63,153.00 -0.98602
Bitcoin price
Ethereum
Ethereum (ETH)
$3,083.09 0.56072
Ethereum price
BNB
BNB (BNB)
$552.91 0.68611
BNB price
Solana
Solana (SOL)
$136.46 -3.36913
Solana price
XRP
XRP (XRP)
$0.4929680 1.28343
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 1.29814
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000049 -3.90978
Pepe price
Bonk
Bonk (BONK)
$0.0000145 -5.62679
Bonk price

Argentina introduces mandatory crypto exchange registry amid regulatory shift

argentina-introduces-mandatory-crypto-exchange-registry-amid-regulatory-shift
Edited by
News
Argentina introduces mandatory crypto exchange registry amid regulatory shift

Argentina has launched a mandatory registry for Bitcoin and crypto exchanges, a move announced by the country’s securities regulator Comisión Nacional de Valores (CNV), to better oversee the cryptocurrency industry.

The directive mandates that any entity involved in buying, selling, sending, receiving, lending, or trading cryptocurrencies must register with relevant authorities. The requirement applies both to companies based in Argentina and those operating within its market from abroad.

The development follows the election of the anarcho-capitalist and libertarian leader, Javier Milei, who assumed office in December 2023, with initial expectations that his administration would promote the adoption of Bitcoin and cryptocurrencies in Argentina.

However, contrary to these expectations, the government has moved to introduce more stringent regulations for the crypto space.

In late March, the Argentine Senate approved amendments to the country’s regulatory framework to include this new registration requirement, aiming to align with the Financial Action Task Force’s recommendations.

Roberto E. Silva, the president of the CNV, emphasized the importance of compliance, stating, “Those who are not registered will not be able to operate in the country.”

Following the announcement, the CNV held a meeting with major legal firms and the Fintech chamber to discuss the registry’s implementation, with several local company representatives in attendance.

The decision has ignited a mix of reactions across the crypto community, with concerns about the implications for the market’s dynamism and innovation.

Manuel Ferrari, a member of an Argentinian NGO directive and co-founder of the Money On Chain protocol, criticized the registry, arguing that it misconstrues the nature of Bitcoin and could unnecessarily burden the industry with regulation.

In an interview with Forbes’ Bitcoin researcher and writer Javier Bastardo, Ferrari expressed his view that such a registry is as misguided as requiring currency exchange houses or gold traders to register with the CNV, calling it “complete nonsense.”

Supporting Ferrari’s perspective, Nicolas Bourbon, co-founder of the KamiPay payments solution, clarified that Milei’s administration does not specifically support Bitcoin over other currencies, emphasizing the leader’s respect for currency freedom.

Both Ferrari and Bourbon suggest that this regulatory measure aims to appease international institutions rather than directly benefit Argentinian citizens or the cryptocurrency sector.

The context of the regulatory update is a sharp increase in cryptocurrency adoption in Argentina, driven by an unprecedented inflation rate exceeding 270%.

As reported earlier by crypto.news, Argentinians are increasingly turning to Bitcoin and other digital currencies as a financial refuge, leading to a rise in both legitimate transactions and scam activities. As such, the CNV’s regulation claims to mitigate these risks without stifling innovation in the crypto space.

Argentina’s expansion in the global crypto exchange industry reflects the country’s growing importance in the international crypto landscape.

OKX’s launch offers Argentinians broader access to digital assets and web3 technologies, amidst the economic challenges posed by high inflation and the peso’s devaluation, it is nevertheless one of the crown jewel’s in the country’s crypto scene.

Additionally, Argentina’s several of provinces have announced their intention to create their own currencies, a decision that is part of a broader economic strategy that includes significant measures like a 50% devaluation of the peso. It permits local currencies to address financial challenges at the provincial level, though it raises concerns about potential inflationary effects.

With the latest directive Argentina seems poised to capture additional market share in the country’s evolving crypto landscape. Indeed, the latest regulatory shift appears to be in line with other Latin American countries like El Salvador, whose President Nayib Bukele announced in 2019 it’s country would be pivoting to a Bitcoin denominated digital currency as a replacement to the US dollar.

Follow Us on Google News