Argentinian regulator plans to adopt FATF crypto regulations.

Argentina’s top financial regulator says it wants to adopt the crypto regulations set out by the Financial Action Task Force (FATF), the international money laundering and terrorist financing watchdog.

The comments came from Sebastián Negri, the President of the National Securities Commission (CNV), and were reported by the media outlet Criptonoticias.

Negri spoke of an “urgent” need for “compliance with FATF standards.”

The FATF guidelines have thus far focused mainly on the introduction of anti-money laundering protocols for crypto (virtual asset) service providers, or VASPs.

The guidelines include the much-maligned Travel Rule.

This protocol obliges VASPs to share originator and beneficiary information.

Negri said that Argentina would “be evaluated on its regulatory system and the effectiveness of regulations” in the near future.

The move is likely to be perceived as another attempt to win approval from the International Monetary Fund (IMF).

Buenos Aires is hoping to secure an IMF financial bailout package this year.

The CNV chief added that a dedicated “crypto law” would likely be unnecessary in Argentina.

And he said all new crypto-related legislation could be included in the clauses of a forthcoming money laundering bill.

Negri said that the CNV was in talks with the Fintech Chamber of Argentina, an organization comprising domestic crypto exchanges.

The CNV will likely seek to create a registry system for VASPs, who will need to apply for operating permits – another key FATF requirement.

Negri said:

“[Proposed crypto] regulations will be open to public consultation. The definition of a crypto service provider is very broad, ranging from individuals to multinational exchanges. There are different kinds of risk, so we must work on different regulatory requirements.”

FATF-style Crypto Regulations Incoming in Argentina

Authorities in the nation abruptly cracked down on crypto exchanges earlier this year.

Experts have opined that the move may have been motivated by the government’s keenness to land the IMF package.

Argentina’s inflation figures have continued to spiral upward this year, a factor that has led many to ditch the fiat peso for tokens like USDT and Bitcoin (BTC).

Crypto adoption has gathered pace in part due to the fact that Argentinian banks have attempted to cap foreign currency buying.

In April this year, Bitcoin prices hit an all-time high against the Argentine peso.

Last month, the FATF chief President Raja Kumar called on the G7 to put an end to “lawless spaces” in the financial world and regulate crypto more effectively.

FATF guidelines have already been enshrined into national law in regions like the EU and nations like Japan and South Korea, with others also vowing to follow.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!


Was this article helpful?

93 out of 132 found this helpful

Discover more


Bitcoin’s “Buy the Dip” Surge: Traders Optimistic Amid Price Slide 📈💰

The cryptocurrency market has seen a recent increase in optimism, with many traders encouraging others to take advant...


🚀 America’s Bitcoin Tops $45k for the First Time in 21 Months! 🚀

Gain insights into the current state of crypto markets on January 3, 2024 with a comprehensive overview of the latest...


Robert F. Kennedy Jr Vows to End CBDC Development if Elected President, Calling It “A Calamity for Human Rights”

According to US Presidential candidate Robert F Kennedy Jr, implementing a CBDC could potentially result in governmen...


Mistral AI Introduces Mistral Large: A Game-Changer in the AI Market 💥

Mistral AI introduces their latest achievement, the Mistral Large AI chat bot - an advanced and competitive option co...


Bitcoin price nears $27K, recovery uncertain based on market data.

Bitcoin's value has increased in the past 24 hours, but the question is whether this increase is long-lasting or not.