Key facts: “For the CNV it is important to comply with FATF regulations,” says an official. The measure has sparked criticism among the bitcoiner community. Four days after the Argentine Senate approved the creation of a registry of cryptocurrency service providers, the National Securities Commission (CNV) reports that it is moving forward with the measure. A statement issued by the aforementioned regulatory body reads: «The CNV works to adapt and implement the scope of the law that reforms the National Regulatory System for the Prevention of Money Laundering and Financing of Terrorism (ML/FT).» There it is detailed that the reform grants new powers to the Commission, such as the creation of the aforementioned registry. Through this tool, «adequate, precise and updated information will be centralized on all human and legal persons who have the character of record providers.» [sic] virtual. The latter is probably an error and the correct thing is “service providers with virtual assets.” In this way, the CNV assumes the exercise of the “supervision, regulation, inspection, oversight and sanction” functions —when relevant—of said suppliers. All these regulations are in line with the requests that the Financial Action Task Force (FATF) has asked the Argentine State to fulfill. Several CNV officials have spoken about this development, including the president of the institution, Roberto Silva:
«We have been working since the possibility of the Law being passed became a certain probability. Now that it is a reality, we will advance in the creation of the registry of virtual asset providers in compliance with the FATF recommendations. Roberto Silva, president of the National Securities Commission of Argentina.
Sonia Salvatierra, who serves as a member of the regulatory body's board of directors, explains that «for the CNV it is very important to accompany and comply with the FATF/GAFILAT evaluation.» She assures that, for this reason, the team is dedicated to «meeting goals and recommendations with the objective of achieving the strengthening and promoting the development of the Argentine capital market.» Patricia Boedo, member of the CNV board of directors, adds more information, stating that They will work together with the Financial Information Unit, State agencies and autonomous entities. He argues that this is necessary «so that the result of the implementation of the new regulations is effective and transparent, generates new opportunities in the fight against organized crime, promotes the effectiveness of the preventive and repressive system, promotes compliance with AML obligations/ CFT by the private sector and promote adaptation to new technologies.”
The law was approved unanimously in the Argentine Senate. Source: Senate of the Argentine Nation.
Criticism from the Argentine bitcoiner community
Even before the measure was approved, some bitcoiners were already criticizing the regulations. This is the case of Adam Dubove, director of the Ichimoku Fibonacci company, who in an article published by BitcoinDynamic said that The new legislation «seeks to discourage individual custody of bitcoin and cryptocurrencies.»
In addition, Dubove criticized that companies in the cryptocurrency industry in Argentina, together with the Fintech Chamber, had supported the measure and held conversations with regulators. In the words of the bitcoiner:
«[Esta ley] creates bureaucratic obstacles for new companies, excludes independent exchangers without the capacity to support a legal structure to comply with new regulations, creates greater friction for opening accounts and carrying out transactions, exposes users to central points of failure by discouraging individual custody, and demonstrates the lobbying power of the industry to make laws tailored to its needs. Adam Dubove, director of Ichimoku Fibonacci.
The president of the NGO Bitcoin Argentina, Ricardo Mihura, had also spoken on the subject with similar words. «What the NGO rejects is that with the excuse of following FATF guidelines, measures are introduced that threaten the freedom of the commercialization of bitcoin and that restrict access to the cryptoasset market, which have been a refuge of value and guarantee for freedom. of work of thousands of savers and freelancers during all these years of inflation and arbitrary monetary restriction measures,” he declared. The truth is The law has already been approved and the CNV announced that it has been launched for compliance. In the coming days, more news will be known about the matter and its impact on the Argentine ecosystem.