The country has a commitment to the FATF, they say from the CNV. The president of the CNV, Roberto Silva, assured that the proposal will be submitted for consultation. Having a registry of virtual service providers was a determining factor for Argentina not to enter the gray list of the Financial Action Group (FATF), comments Alberto Mendoza, director of supervision of the Financial Information Unit (UIF), highlighting the progress made in the country's regulation. The words of the UIF official were part of the talk about the impact of regulations on the Argentine crypto ecosystem, which took place within the framework of LaBitConf 2024. With them he referred to the registry of cryptocurrency exchanges that opened last March . The president of the NGO Bitcoin Argentina, Ricardo Mihura, also participated in the event; and the president of the National Securities Commission (CNV), Roberto Silva; together with Pedro Inchauste, director of the Central Bank. Mendoza, who is also Argentina's representative before the FATF, highlighted the importance of having approved the Mutual Evaluation report that the financial action body presented last October, approving the measures taken by the government of Argentina against money laundering and terrorist financing. «We avoid the negative economic repercussions that come with being on the gray list,» he said, explaining that this fact could have caused the country to lose points. to the detriment of the Gross Domestic Product (GDP). He cited in particular the so-called FATF Travel Rule, which establishes the obligation for exchanges to provide user information. A fact that the president of the NGO Bitcoin Argentina thought was very good, although made known his questions. «From the point of view of cryptocurrency users, who do not consider themselves drug traffickers or terrorists, we are concerned that the new stage of Argentine regulation becomes copy and paste of FATF stuff«, expressed Ricardo Mihura.
We should not obey the laws of the FATF, we obey the laws of Congress. They must be responded to with the criterion of rationality whose most important characteristic is to sacrifice individual guarantees as little as possible. Ricardo Mihura, president of NGO Bitcoin Argentina.
Mihura indicated that he was speaking on behalf of the community of cryptocurrency users, and not companies. “We are distressed and worried and that is why our call is to obey the rules established in the Constitution,” he added, pointing out that the laws for the sector They should not respond to what an international organization saysto the detriment of rights such as the privacy of citizens.
Regarding this, the director of the FIU answered that Argentina must fulfill commitments that are assumed internationally because it is part of a concert of nations. «I know that you represent the voice of many. Of course we are a sovereign country, but we are not isolated,» said Mendoza, recalling that FATF decisions are made through the voting of the delegations of the member countries.
And if the country is a member of the FATF, it must assume the obligation to adopt what is proposed. It is not a copy and paste, since many of the regulations that are applied and that are planned to be applied to regulate the Argentine ecosystem are adapted to this market and the idiosyncrasy of the country. Alberto Mendoza, director of the FIU.
Ricardo Mihura believes that the Argentine authorities should be concerned that the laws sacrifice individual guarantees as little as possible. Source: YouTube/LaBitConf
The CNV will submit the proposal to public consultation
At this point, Roberto Silva, president of the CNV, intervened, reiterating that the regulatory proposal prepared by the government will be subject to debate and public consultation. This is a set of rules for the operation of cryptocurrency exchanges that are expected to be presented very soon, as Silva assures that they are advanced. As reported by BitcoinDynamic, Silva promises that there will be no overregulation and affirms that they are taking into account the conversations that have been held with members of the Argentine ecosystem in recent months. «We will listen to them, we will make every effort to understand them and then we will decide what is the best way to guarantee compliance with the objectives of the standard, trying not to hinder the activity,» Silva concluded.