Key facts: The registration will be opened this week before the National Securities Commission (CNV). Individuals with certain operations for amounts greater than 27 million pesos must register. 45 days from this week is the deadline granted by Argentina's new regulation for companies and individuals, who carry out certain operations in the cryptocurrency sector, to register in the Registry of Virtual Asset Service Providers. As stated in a resolution published this March 22, the period for registration in the registry will open before the National Securities Commission (CNV) starting this week. It is the body designated by law for the supervision of the ecosystem in Argentina. The registry was created through the recent reform applied to the money laundering law. Based on this, the resolution provides the requirements that will have to be met natural or legal persons required to register. In that sense, the normative establishes that all companies and individuals that carry out certain operations with cryptocurrencies in the country are required to register, which includes exchanges and those who carry out exchanges and custody. It is thus provided that among those required to register are physical or legal entities “resident or incorporated” outside of Argentina whose activity use any domain .ar to carry out their activities.
Those who have commercial agreements with third parties, subsidiaries or related companies that allow them to “locally receive funds or assets from Argentine residents to carry out activities or operations” (ramp services) are also obligated. Also included are companies that They direct their offers and advertising promotions to residents in Argentina, or whose businesses in the country exceed 20% of their total volume. The resolution warns that anyone who does not register when required to do so “will have to refrain from carrying out in the country any of the activities or operations included in the law sanctioned by the Senate.” Such fact will prevent you from exchanging virtual assets with fiat currencies and with other virtual assets, as well as offering transfers, custody or administration, and providing all types of financial services linked to cryptocurrencies. According to the law, those who carry out activities in the sector will be exempt from the registry. for an annual amount less than 35,000 UVA, which is equivalent to 27 million Argentine pesos at the time of this publication. It is also said that any person “domiciled, incorporated, or residing in domains, jurisdictions, territories or associated States that are included in the list of non-cooperative jurisdictions for the purposes of fiscal transparency” must abstain. This includes all those that are considered “non-cooperative or high risk” by the FATF. One of the main objectives of the new regulations is to collect information and exercise greater oversight of cryptocurrency platforms. A demand that the Financial Action Task Force (FATF) is making to all the countries that make up the organization. The idea, they insist, is to prevent money laundering. It should be noted that the CNV announced the regulations of the Registry a few days before Tuesday, March 26, date on which the activity of a FATF mission that has been visiting Argentina since the beginning of this month will end. As BitcoinDynamic reported, the registry was created through the recent reform of the money laundering law. On March 14, the Senate of Argentina voted for of the modification of the Penal Code to introduce the figure of the list of exchanges, wallet providers and companies for the cryptoasset industry. After this approval, it was decided that the CNV will be the entity in charge of supervising, regulating, inspecting, supervising and sanctioning service providers with virtual assets. Information on the steps to follow is still pending. for the granting of a license to carry out operations in the sector.