The Argentinian chamber of fintech, a group working for modernization of the financial services providers’ structure, released its take about how the Argentinian government should regulate crypto assets in the future. This proposal takes into consideration the increase in cryptocurrency use in Argentina and identifies key issues that should be addressed to improve regulation of cryptocurrency.
The first mentions that Argentina is a member of the FATF, which will monitor the country’s compliance with these and other recommendations.
It also addresses the need to define virtual assets and virtual asset service providers (VASPs) concepts. The document says:
These definitions should be broad enough to include the constantly evolving technologies as well as activities and services that relate to them.
Another recommendation concerns the legality for activities that involve virtual assets. The text suggests that crypto rules be included in the law. This would allow those who use virtual assets to open bank accounts, without having to be segregated from traditional banking. This would allow VASPs to be excluded, as has happened in certain countries.
Argentine Still Does Not Have a Clear Crypto Regulation
The Argentinian Chamber of Fintech notes that while cryptocurrency adoption has thrived in Argentina without any regulation, it recognizes the ‘imminent regulatory process at both regional and global levels’, which prompted them to make these recommendations.
The topic of cryptocurrency is a hot topic in Argentina. Alberto Fernandez (current president of Argentina) stated in August that he is open to the idea of cryptocurrencies being legal tender in Argentina.
He also said that he was not familiar with the topic. There are some laws that have been approved at a regional level in certain regions, where crypto users must pay taxes to their crypto holdings. These currencies are international currencies.