The approval of a new regulation for the bitcoin (BTC) and cryptocurrency industry in Argentina has brought endless criticism. This is revealed by the questions that users have expressed on social networks. As reported by BitcoinDynamic, the Senate of Argentina modified the Money Laundering Law and introduced the figure of registration of cryptocurrency service providers, which is in charge and supervision of the National Securities Commission (CNV).
For various users, this regulation is interpreted as President Javier Milei is deviating from its liberal principles, allowing there to be legislation to exercise control, as happens in communist regimes. In direct responses to CNV messages related to the registration of service providers, users like @FrankFal97 accuse Milei of communist practices and contrary to the freedom that it lavishes so much.
“Milei, not this. This is being a communist. This must be retracted urgently,” said that user, who in another message indicated that “the measure is indefensible, it must be repudiated.” Other users see the action as a betrayal by Milei towards cryptocurrency users in Argentina. In the social network “Take everything out of the exchanges registered in Argentina, Milei has already delivered to us,” said @arkan_bit, for whom greater surveillance by the Argentine State is foreseeable.
For some, Milei moves away from its liberal principles and recommends withdrawing funds from exchanges. Source: x.
The CNV's sights “closer”
Venezuelan lawyer Ana Ojeda, executive director of the legal firm Legal Rocks, also commented on this. For her, Argentine users will be subject to greater control and supervision by the CNV. In fact, they will have the sights of that regulatory body «closer». Even Ojeda questions the measure, especially coming from Javier Milei, whom many chose as a defender of the principles and philosophy that encompasses the Bitcoin ecosystem. «He has run out of fantasy and idealization for a few. [Milei] In fact, it never was, that was a rumor that some bitcoiners invented to fantasize about an anarcho-state, the president had a tremendous surprise for them! added Ojeda. According to what is established in the new regulations, The CNV has the responsibility of carrying out the registry of cryptocurrency service providers. It also determines that this body will have the power to regulate the operation of cryptocurrency service providers, with all that this implies (such as sanctions). The normative reaches both Argentine exchanges and companies, like foreigners. However, Ojeda sees it as difficult to apply to international exchange houses, since they are not legally constituted in Argentina.they are not required to register with regulators.
The modification approved in the Senate arises from the pressure exerted on the Argentine authorities by the Financial Action Task Force (FATF), which recently visited that country and confirmed that there had been, until that moment, a rule for exchanges like the one they have proposed in the past. This rule is precisely the establishment of a registry of suppliers that helps mitigate the use of cryptoassets for the commission of crimes, such as money laundering or terrorist financing, despite the fact that fiat money continues to have greater relevance on the part of criminals when carrying out these activities, according to the United States government. The measure has been questioned since the moment of its approval in the Senate. «President Milei was wrong to introduce the idea of regulating centralized exchanges operated by foreigners and nationals in our country,» some expressed Argentines at that time. In any case, Argentina has already approved the modification and It is the obligation of exchanges to register with the CNV in less than 45 days, the period given by the regulatory body for companies in the bitcoin sector that operate in Argentina to be legally recognized. The registry has already opened and companies must go to the CNV to join the registry. Else, They will not be able to continue operating in Argentinaaccording to what was explained by the president of the CNV, Roberto Silva.
This note was written with the support of Marianella Vanci (editor).