As CNV President Roberto Silva highlights the need to balance regulation and innovation, industry executives express concerns about possible over-regulation that could hamper growth and push users into non-markets. regulated.
Members of Argentina’s cryptocurrency industry have expressed concerns over a new plan to impose restrictions on crypto institutions. The Argentine Securities Regulator (CNV) announced a public consultation on a project to regulate virtual asset service providers (VASP), which would require institutions to register with a minimum amount of capital to operate in the country.
If approved, the proposed regulation would require crypto companies to disclose their agreements with third parties and customers while establishing measures to combat money laundering and terrorist financing. CNV President Roberto Silva stressed that the intention is to balance regulation with the need for innovation within the sector.
A notable aspect of the project is the proposed minimum capital requirement of almost $173,000 for institutions involved in the transfer, custody and management of virtual assets. Although individual users will still be able to engage in fiat-to-crypto and crypto-to-crypto exchanges without starting a business, industry members caution that regulations must be conducive to growth.
Industry leaders like Carlos Peralta of Bitso Argentina and Juan Pablo Fridenberg of Lemon have expressed support for regulations that encourage local exchanges to operate efficiently, emphasizing the importance of a thoughtful approach to regulation that avoids driving users to unregulated markets.
