President of the CNV of Argentina
For Roberto Silva, president of the National Securities Commission (CNV), one of the biggest challenges that the organization assumes, within the framework of the plans of Javier Milei’s government, is the regulation of cryptocurrencies in Argentina.
In a message published on X, the official said that supervising the world of cryptocurrencies is a huge 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 said the agency’s goal is to “comply with the law” by regulating cryptocurrencies such as bitcoin (BTC), “without overregulating or affecting innovation.”
He highlighted, in this regard, 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 don’t want to tie down an industry that we consider extremely important. Our vocation is to listen, understand and then regulate, with a standard that has had a lot of interaction with the sector,” Silva said.
The challenge, according to the official added, is “to find a balance so as not to scare away the PSAVs and try to comply with principles that are required to strengthen 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 PSAVs, 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 regulations evolve hand in hand with a consensus with companies.
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 Bases Law and the Fiscal Package. Two measures that have a significant impact on bitcoin users, along with the newly opened registration of cryptocurrency exchanges.
As reported by CriptoNoticias, once the Bases Law is enacted, the possession of “cryptocurrencies, cryptoassets and other similar assets” can be whitened in the Asset Regularization Regime not declared within Argentina.
And although the new regulations will allow Argentines to use laundered or regularized bitcoins for any type of transaction, it will also generate changes in tax matters for those who manage digital assets.
Added to these repercussions on the payment of taxes derived from the Bases Law 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. Registration was open for more registrations.
This is how, just six months after the start of his 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 to the liking of the bitcoiner 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, declaring his intention to listen to the sector, members of the ecosystem are on alert, making clear to the government their questions about the regulatory plans.
