Argentina Implements Enhanced Regulations for Virtual Asset Service Providers
On March 13, Argentina’s CNV introduced resolution 1058, establishing a regulatory framework for virtual asset service providers (VASPs). The new rules require comprehensive compliance measures, risk disclosures, and customer-fund segregation to enhance user protection. Despite industry consultation, criticism persists regarding the absence of crypto tax guidelines. The regulations will take effect on December 31, 2025.
Argentina’s securities regulator, the Comisión Nacional de Valores (CNV), has introduced a new regulatory framework for virtual asset service providers (VASPs) as of March 13. This new resolution, numbered 1058, is a significant move to enhance the compliance standards governing VASP operations, following the enactment of Law 27.739, which entrusted the CNV with the oversight of VASPs.
The comprehensive compliance requirements mandate VASPs to maintain detailed documentation, robust security plans, and specified reserve fund levels for each class of VASP. Furthermore, operators are required to provide disclosures regarding operational risks to enhance user awareness and protection, ensuring a more transparent ecosystem for customers.
In conjunction with these developments, the resolution revises the existing anti-money laundering and counter-terrorism financing (AML/TF) policies. These changes aim to align with the standards set by the Financial Action Task Force (FATF), reflecting a commitment to global regulatory norms.
A key aspect of the new resolution is the asset segregation requirement, which mandates that customer funds be kept separate from those of the exchange. This measure is designed to protect customers from potential crises akin to the FTX collapse. Notably, while Brazil considered a similar provision, it did not pass due to concerns about inhibiting industry innovation.
The CNV actively collaborated with stakeholders in the cryptocurrency sector to shape the newly introduced regulations. Roberto Silva, President of the CNV, emphasized their dedication to crafting effective regulations that adhere to legal standards while fostering innovation without imposing unnecessary burdens on the industry. However, criticism has emerged regarding the lack of clarity on tax implications for digital assets, suggesting an inequitable treatment compared to conventional investments.
The new VASP regulations will come into effect on December 31, 2025, requiring all VASPs operating in Argentina to comply with these updated standards by that date, thus paving the way for a more regulated and secure virtual asset environment.
The introduction of regulation 1058 by Argentina’s CNV marks a significant advancement in the oversight of virtual asset service providers. This comprehensive framework aims to enhance compliance, improve user protection, and align with international standards while addressing industry concerns. The asset segregation requirement is a noteworthy addition to safeguard customer funds, although criticisms regarding tax regulations highlight ongoing challenges. As the implementation date approaches, VASPs in Argentina must prepare to adapt to these new structures to continue operating in a regulated environment, reflecting a broader trend towards increased scrutiny and governance in the cryptocurrency space.
Original Source: news.bitcoin.com
