ARGENTINA CRYPTO ASSETS REGULATION

Today the National Securities Commission (CNV) has taken a pivotal step forward regarding crypto assets with the issuance of Resolution 994. This Resolution introduces a comprehensive framework for the regulation of crypto platforms operating within Argentina, signifying a crucial development for entities involved in the virtual asset space.

A. Introducing the Virtual Asset Service Providers (VASP) Registry

The CNV has established a VASP registry, mandating local exchanges and other crypto service providers to register and furnish necessary operational details. This initiative is aimed at streamlining the oversight of virtual asset services, ensuring a structured and secure environment for digital asset transactions.

B. Who is Required to Register?

The obligation to register extends to all individuals and legal entities, both within and outside Argentina, that provide virtual asset services in Argentina. This encompasses a wide range of activities, including but not limited to:

Exchanges between virtual assets and fiat currencies
Exchanges among different virtual assets
Transfers of virtual assets
Custody or administration of virtual assets or instruments controlling such assets
Provision of financial services related to operations with virtual assets

It is essential for these entities to register prior to commencing their operations, aligning with the legal and regulatory expectations set forth by the CNV.

C. Who is considered to provide services in Argentina?

According to the regulation, a human or legal person, resident or constituted outside Argentina, will be considered as operating in the country under any of the following conditions:

Domain Use: Utilization of any “.ar” domain to conduct their activities or operations.
Commercial Agreements: Having commercial agreements with third parties, subsidiaries, or related entities that enable the local receipt of funds or assets from Argentine residents for conducting activities or operations, including ramp services.
Targeted Activities: Activities clearly aimed at residents in the Argentine Republic.
Directed Advertising: Engaging in advertising clearly directed at residents in the Argentine Republic.
Business Volume: If their business volume in the Argentine Republic exceeds 20% of their total business volume, only considering the total volume of activities requiring registry enrollment.

D. Term for Compliance

Entities currently operating within the crypto space are required to comply with the registration mandate within a 45-day timeframe. This compliance includes the submission of relevant information to the newly established registry, ensuring transparency and adherence to regulatory standards.

E. Exemptions and Considerations

Entities whose activities or operations do not exceed 35,000 UVAs (aprox USD 20,000) in a calendar month are exempt from the registration requirement. This threshold is intended to balance regulatory oversight with operational feasibility for smaller entities.

Should you need further information, please contact us.

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