🇦🇷 The National Securities Commission (CNV) is urgently working to adapt and implement the provisions of the recently approved law by the Senate, which reforms the National Regulatory System for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
You might be wondering, which law? It's Law No. 27,739, which amends Law No. 25,246 on Anti-Money Laundering, Combating the Financing of Terrorism, and the Proliferation of Weapons of Mass Destruction, enacted in the year 2000.
The creation of the Virtual Asset Service Providers Registry (PSAV) stands out, through which "relevant, accurate, and up-to-date information on all individuals and legal entities acting as virtual registry service providers" will be centralized.
🏛️ With the law's approval in the Senate and subsequent enactment, all companies conducting transactions with cryptocurrencies in Argentina will be required to register in this registry and be subject to "supervision, regulation, inspection, oversight, and sanction" by the Government through the CNV.
🫣 A critical issue arises here: when the Argentine law speaks of "all companies," does it refer to national and international companies? Will it also apply to foreign companies conducting transactions in Argentina?
🫵🏼 By March 26th, the law should be fully implemented, and it is expected that President Javier Milei will do so immediately. Once this step is completed, the CNV will announce the regulations as the competent authority.
Opinion: Isn't it interesting how politicians expect Milei to approve things "immediately" when it's about taxing citizens more, but when it comes to cutting their salaries or approving a decree that goes against the establishment, they all vote against it?
⚖️ The question many in the ecosystem are asking is whether this regulation is necessary or if it implies greater control over the finances of citizens who seek to decentralize their assets to cope with the economic crisis.
What's your take on this? Share your thoughts in the comments.
