“Yellow flags” raised in Argentina’s rules for bitcoin exchanges
Within the framework of the registration process of Virtual Asset Service Providers (PSAV) that is being carried out in the country, the NGO Bitcoin Argentina met with the National Securities Commission (CNV) in order to share its vision on the policies that are being implemented. have applied until now for the regulation of the sector.
As the NGO explains in a statement, the representatives of the civil association, led by President Ricardo Mihura, drew attention to some of the measures that have been applied. This, as part of the process that began a few weeks ago and that threw the inscription of 35 legal entities.
“We have indicated with yellow flags some of the rules that have already been issued, because the parameters set to force the registration of service providers in the new PSAV Registry are too strict,” said Mihura.
He referred in particular to the requirement imposed on those who carry out operations exceeding 35,000 UVA per month (around USD 38,000). A business that leaves no more than $1,000 in commissions should not have such obligations, Mihura questioned, proposing that the value be tripled.
He also found the conditions imposed on the companies they run exaggerated. your advertising offers and promotions to residents in the South American country.
«If by the mere fact of advertising in Argentina a project becomes a mandatory PSAV, we remain without the possibility of bringing the most advanced industry in the world to the country“said Rodolfo Andragnes, founder and director of the NGO, pointing out that such a measure will limit companies sponsoring important events that take place in the ecosystem.
The NGO advocates for the establishment a self-regulatory system, which allows platforms to define, together with the regulator, how to comply with the laws, taking into account the particularities of each company. “Then, once the individual conditions of self-regulation are defined, the CNV should strictly supervise their compliance.”
As users, we are interested in PSAVs being developed and reliable. That is why we prefer that they compete in the quality and reliability of their services, in their conditions of solvency, security, in the integrity of their platforms and in the honesty of the assets they offer, and not limit themselves to complying with a standard that equals to all, better and worse, under the same CNV seal.
Ricardo Mihura, president of NGO Bitcoin Argentina.
The president of the CNV, Roberto E. Silva, was also present at the meeting. And although it is not explained whether the official was open to the proposals or not, it is known that he defended the measures taken by the organization. as part of the government’s objectives.
The CNV encompassed the regulation that is applied as a way of responding to the need that exists in Argentina to comply with the guidelines of the Financial Action Task Force (FATF). One of the main goals is to collect information from the sector and exercise greater supervision of cryptocurrency platforms, also “protect investors.”
This is a demand that the FATF has been making to all the countries that make up the organization and that Javier Milei’s government is willing to comply. The idea with this supplier registry, as they insist, is prevent money laundering.
As reported by CriptoNoticias, the registry of bitcoin and other cryptocurrency exchanges was created at the beginning of the year through a reform to the money laundering law. Approval of regulation for the industry has brought endless criticism. Many interpreted the new rules as Milei’s departure from his liberal principles, allowing “legislation to exercise control, as happens in communist regimes.”
Even A call was made for users to withdraw everything from the exchangesin rejection of measures that are considered to subject Argentine bitcoiners to greater control and supervision by the CNV.
Meanwhile, the platform registry will remain open to registration from more providers, after the official closure that took place on June 4.
