Argentina Tightens Regulations for Virtual Asset Service Providers
Argentina’s Comisión Nacional de Valores (CNV) has recently introduced new regulations for virtual asset service providers (PSAVs) to ensure transparency and consumer protection in the crypto sector. The regulations cover aspects such as registration, cybersecurity, anti-money laundering, and asset custody standards.
Overview of the Regulatory Framework
The regulatory framework, known as Resolution No. 1058, was approved after a public consultation process. It aligns with legislation that grants the CNV authority over virtual asset service providers. The new rules aim to set operational guidelines and impose penalties for non-compliance on companies facilitating transactions, custody, or intermediation of digital assets.
Key Requirements for PSAVs
- Implement robust information security policies
- Maintain prudent financial safeguards for asset custody
- Disclose agreements with third parties
- Undergo annual audits for compliance verification
Registration Deadlines
Companies providing virtual asset services in Argentina must register with the CNV within specific deadlines. Individuals must complete registration by July 1, 2025, while domestically incorporated firms have until Aug. 1, 2025. Foreign entities must register by Sept. 1, 2025. The full regulatory framework will take effect on Dec. 31, 2025.
Enforcement Powers
The CNV has been granted broad enforcement powers under the 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. Virtual assets that qualify as publicly offered securities will remain subject to Argentina’s Capital Markets Law (No. 26,831).
Global Trend Towards Regulation
While the CNV does not regulate cryptocurrencies themselves, the new framework represents a significant step towards formal oversight of Argentina’s digital asset sector. This move aligns with global trends as regulators worldwide aim to address risks associated with digital asset platforms and promote responsible industry development.
