Argentina Regulator: We Want to Work With Crypto Firms to Police Industry
Argentina’s top financial regulator says that it wants to “work together” with the nation’s crypto industry as it steps up its control over the sector. In an official government release, the National Securities Commission of Argentina (CNV) called its new registry of crypto exchanges and service providers “simple.”
It also claimed the registry does away with “formalities and absurdities.”
Argentina’s rate of crypto adoption has accelerated in recent years in response to rampant inflation. Previous governments have attempted to cap foreign currency buying. This has driven many people in the nation to stablecoins and cryptoassets like Bitcoin (BTC). And although the nation’s President Javier Milei has spoken out in favor of BTC in the past, Buenos Aires remains dependent on financial support from the International Monetary Fund (IMF).
Milei wants to improve Argentina's primary balance by 5.5% of GDP quickly. Almost no IMF program in history did that. The typical program achieves just 1% of GDP in adjustment. Macri tried 4.8% in late 2018 and everything blew up. History will repeat itself. pic.twitter.com/SnihsMdD7t
— Sergi Lanau (@SergiLanauOE) March 27, 2024
The Financial Action Task Force (FATF) has warned Argentina that it may be placed on the
FATF “grey list” if it fails to police its crypto exchanges. Last month, media outlets in the nation reported that Buenos Aires had “caved in” to FATF demands out of concern the IMF may withhold support.
Senators fast-tracked a bill that laid down the legal framework for exchange regulation. The CNV responded four days later with formal plans for a “registry of crypto operators.” But the CNV now appears keen to strike a conciliatory note with domestic crypto firms, who have warned of
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