The Argentine government has begun implementing requirements for cryptocurrency exchanges to legally operate in the country.
In a statement on March 3, Argentina’s National Council of Values (CNV), the country’s equivalent of the securities regulator, said that virtual asset service providers will operate in accordance with the recommendations of the Financial Action Task Force (FATF). As part of the country’s anti-money laundering (AML) and countering the financing of terrorism (CFT) legal reforms, certain companies providing crypto-related services must register with the Argentine government.
The implementation of laws affecting Argentina’s cryptocurrency providers took a step forward on March 3, when the country’s Senate approved changes to laws aimed at preventing money laundering and the financing of terrorism. Roberto Silva, president of the CNV, said that unregistered virtual asset service providers “will not be able to operate in the country.”
The proposed changes to Argentina’s laws affecting cryptocurrency users were reportedly made before Javier Milei won the country’s presidential election in November 2023. Many crypto supporters praised Milei’s rise at the time due to his seemingly supportive stance towards Bitcoin, but the implementation of the FATF’s requirements seemed to have many concerned about the future of digital assets in Argentina.
Strike is popular in Argentina for facilitating Bitcoin payments via the Lightning Network, and many users of the app have reported that the app no longer allows locals to send fiat currency to bank accounts. It is unclear how these requirements will affect businesses operating in Argentina or customers seeking to use their services. In December 2023, Argentina's foreign minister said contracts could be settled in Bitcoin and other cryptocurrencies.
On April 4, Milei spoke publicly at the Malvinas Day ceremony commemorating those who lost their lives in the 2 Falklands War.
Article author: Turner Wright, CoinTelegraph