For Roberto Silva, president of the National Securities Commission (CNV), one of the biggest challenges that the organization takes on, within the framework of the plans of the Javier Milei government, is the regulation of cryptocurrencies in Argentina. In a message published on X, the official expressed that supervising the world of cryptocurrencies is an enormous challenge, «in which we are going to work together with the actors in the sector.» He said this during his participation in an event in the city of Rosario on June 28, organized by the Argentine Fintech Chamber. Silva assured that the objective of the organization is to «comply with the Law» by regulating cryptocurrencies such as bitcoin (BTC), «without over-regulating or affecting innovation.» He highlighted, in this sense, that there are currently 45 companies authorized in the registry of Virtual Asset Service Providers (PSAV), seven of them foreign, and that a similar number of applications It is in process. «We do not want to tie down an industry that we consider extremely important. Our vocation is to listen, understand and then regulate, with a norm that has had a lot of interaction with the sector,» Silva said. The challenge, according to the official, is «to find a balance so as not to scare away the PSAVs and try to comply with the principles that are required for a strengthening of Argentina,» in accordance with the regulations of the Financial Action Task Force (FATF). At this point he recalled that «the CNV is the regulator of the PSAV, but not of virtual assets», thereby recognizing that they have no control over cryptocurrencies such as bitcoin. He also announced the opening of a public consultation so that the registration and the regulations evolve hand in hand with a consensus with companies.
The president of the CNV, Roberto E. Silva, spoke about the “Interaction between the crypto world, innovation and the CNV” at Fintech Meetup, an event organized by the Argentine Fintech Chamber, held in the city of Rosario.https://t.co/JjLMMVMWQy pic.twitter.com/5eVrBwtAei— CNV Argentina (@CNVArgentina) June 28, 2024
To this end, meetings have already been held, in which legal representatives and members of the ecosystem have participated, among which the NGO Bitcoin Argentina stands out.
Exchange registration and the Basic Law, Milei's first steps
Silva's statements are made a few days after the approval – by the Legislative Branch – of the Ley Bases and the Fiscal Package. Two measures that have an important impact for bitcoin users, along with the recently opened registry of cryptocurrency exchanges. As BitcoinDynamic reported, once the Ley Bases is enacted, the possession of «cryptocurrencies, cryptoassets and other similar assets» can be bleached in the Asset Regularization Regime undeclared within Argentina. And although the new regulations will allow Argentines to use the laundered or regularized bitcoins for any type of transaction, it will also generate changes in tax matters for those who manage digital assets. In addition to these repercussions on the payment of taxes derived from the Ley Bases, there is the obligation imposed on cryptocurrency exchanges to register with the CNV. The measure was complied with in June by more than 90 entities that operate with digital assets. The registry was opened for more registrations. Thus, just six months after the start of her mandate, Milei's actions are aimed at the regulation of cryptocurrencies, a sector of great growth in the South American country where it is estimated that There are about 8 million users.
But the decisions of the so-called «libertarian president» have not been exempt from controversy. Not everything has been pleasant for the Bitcoin ecosystem and many have felt betrayed, mainly because the registration of cryptocurrency companies and other measures are done following FATF guidelines. And despite the white flag currently being waved by the president of the CNV, expressing his intention to listen to the sector, members of the ecosystem are on alert, making clear to the government their questions about the regulation plans.