The Argentine government has initiated the enforcement of regulations for cryptocurrency exchanges to operate legally within the country. The Comisión Nacional de Valores (CNV), Argentina’s securities regulator, announced that virtual asset service providers must adhere to recommendations from the Financial Action Task Force (FATF). As part of the country’s Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) reforms, specific companies offering crypto-related services are required to register with the Argentine government.
Roberto Silva, President of the CNV, emphasized that virtual asset service providers who fail to register “will not be able to operate in the country.” The implementation of these laws affecting crypto providers in Argentina gained momentum when the country’s senate approved modifications aimed at preventing money laundering and terrorist financing on March 14.
The proposed changes to Argentina’s laws concerning crypto users were reportedly introduced before Javier Milei was elected as the President in November 2023. Milei was hailed by many cryptocurrency enthusiasts at the time due to his seemingly positive stance on Bitcoin. However, the introduction of FATF requirements has raised concerns about the future of digital assets in Argentina.
The impact of these requirements on businesses operating in Argentina and customers seeking to utilize their services remains uncertain. Strike, a popular app in Argentina for facilitating Bitcoin payments via the Lightning network, has reportedly disabled the option for locals to send fiat to bank accounts.