Argentina’s CNV has issued resolution 1058, establishing new regulations for virtual asset service providers, including asset segregation, enhanced documentation, and compliance with FATF standards. The regulations aim to protect consumers and promote innovation within the cryptocurrency sector, while the implementation is set for December 31, 2025. Concerns regarding tax treatment of digital assets persist among local stakeholders.
On March 13, the Argentine National Securities Commission (CNV) enacted resolution 1058, introducing a new regulatory framework for virtual asset service providers (VASPs) in Argentina. This initiative aligns the country with international standards and follows Law 27.739, which designates the CNV as the governing body overseeing VASPs. The updated compliance rules entail extensive documentation, security protocols, and clearly outlined fund reserve levels for VASPs.
One of the key elements of this resolution is the mandatory segregation of customer and exchange assets to protect consumer funds, thereby mitigating risks associated with potential failures akin to the FTX incident. This requirement, though beneficial, mirrors a proposal that was debated yet ultimately rejected during Brazil’s cryptocurrency law discussions due to concerns it might inhibit industry innovation.
In drafting this framework, the CNV engaged with numerous stakeholders within the cryptocurrency sector to ensure a balanced approach. Roberto Silva, CNV President, emphasized that they sought to create effective regulations without stifling innovation or imposing excessive financial burdens. However, some local industry experts expressed concerns over the absence of regulatory clarity regarding crypto taxation, suggesting that digital assets face inequitable treatment compared to traditional investment vehicles.
The resolution is set to take effect on December 31, 2025, granting VASPs a timeline to comply with these new regulatory mandates in Argentina.
Argentina has taken significant steps to strengthen its regulatory framework for virtual asset service providers, aligning with international standards. The introduction of customer-exchange asset segregation and enhanced documentation requirements underscores the regulatory body’s commitment to consumer protection. While the regulations present a progressive approach, concerns exist regarding tax inconsistencies in the treatment of digital assets. Overall, VASPs must prepare for compliance by the end of 2025 as the landscape of cryptocurrency regulation evolves.
Original Source: news.bitcoin.com
