Argentina Unleashes Mandatory Crypto Registry

The regulatory authority for markets in Argentina, known as the Comisión Nacional de Valores (CNV), has initiated the implementation of a compulsory registry specifically designed for providers of cryptocurrency services. 

This innovative initiative by the CNV introduces the Registry of Virtual Asset Service Providers (PSAV), compelling organizations within the crypto sector, including trading platforms, to submit detailed information as prescribed by the regulator on its official website to secure authorization for their operational activities within the nation.

Roberto E. Silva, who presides over the CNV, disclosed that the strategic timing for the unveiling of this new registry was deliberately aligned with a scheduled visit from the Financial Action Task Force (FATF). The FATF is a prominent international entity that formulates standards for combating money laundering and devises strategies to thwart the financing of terrorism. 

“We have worked against the clock to advance compliance with Law No. 25,246 that reforms the National Regulatory System for the Prevention of Money Laundering and Financing of Terrorism and present today the creation of the PSAV registry before the end of the visit of the FATF to the country and taking into account its recommendation on the subject.”

This move underscores Argentina's commitment to adhering to global financial regulatory standards and enhancing the integrity of its burgeoning crypto market.

In the face of escalating inflation and the subsequent depreciation of the national currency, there has been a notable surge in the adoption of Bitcoin (BTC) among the Argentine populace as a financial safe haven. This trend is a reflection of the growing apprehension regarding the country's economic stability and the desire of Argentines to safeguard their wealth.

Significant reporting by Bloomberg highlights the substantial uptick in Bitcoin acquisitions through the Argentina-based cryptocurrency exchange Lemon, amidst the country grappling with one of the highest inflation rates globally. 

This phenomenon is not isolated to Lemon alone; other prominent Argentinian exchanges such as Ripio and Belo have observed a comparable inclination towards cryptocurrency investments. This collective movement towards digital currencies indicates a broader shift in the financial behaviours of Argentines, driven by the need to preserve financial assets in a volatile economic environment.