Argentina has released draft VASP regulations for public comment.
Argentina is changing its approach to #cryptocurrencies to better protect those who use them. Argentina's Securities Commission (CNV) recently announced that a draft law regulating virtual asset service providers (VASPs) in the country will be submitted for public comment. This means that such companies will have to comply with the new regulations.
If General Resolution 1,025 is passed in its current form, #cryptocurrency companies will be required to show the contracts they enter into with customers and third parties. The resolution also aims to combat money laundering and terrorist financing by establishing cybersecurity rules and policies. It is a continuation of the VASP registry announced earlier this year.
Commenting on the goals of the new plan, CNV president Roberto Silva said the resolution aims to regulate according to the principles of the law, but not to stop innovation in this area.
He also called on cryptocurrency companies to help make the project better.
The most controversial part of the project is the change in the definition of cryptocurrency companies and the establishment of the minimum amount of registered capital required for these companies to operate in the country.
nearly $173,000 will be the minimum capital that must be possessed by an organization engaged in the transfer, storage and processing of virtual assets. They will be able to exchange traditional and cryptocurrencies for cryptocurrencies and cryptocurrencies for cryptocurrencies without having to set up their own business.
those involved in the cryptocurrency business are wary of the new project. They said that regulation is necessary, but it should be designed in a way that allows companies to grow.
Carlos Peralta, head of public relations at #Bitso Argetina,
Read us at: Compass Investments
