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Argentina’s National Securities Commission (CNV) has proposed a new regulatory framework for Virtual Asset Service Providers (PSAVs), opening a 30-day public consultation period.

This initiative aims to establish clear guidelines for the operation of PSAVs in the country, inviting stakeholders to contribute their thoughts and recommendations through a “Participative Elaboration of Standards” approach.

The proposed regulations categorize PSAVs based on their specific activities:

Under the new framework, only individuals engaged in Categories 1 and 2 will be allowed to conduct their activities.

PSAVs will also need to maintain a minimum asset threshold that varies by category, potentially reaching up to $150,000.

Additionally, providers must appoint internal compliance officers and public relations representatives.

Regular information reports detailing customer counts, transaction volumes, and the most frequently traded virtual assets will be required to be submitted to the CNV.

While the proposal is still open for public comment and may undergo changes before final approval, it is expected to significantly increase the administrative responsibilities of cryptocurrency exchanges operating in Argentina.

The CNV’s initiative to regulate PSAVs marks a crucial step forward for Argentina’s digital asset sector.

By fostering a transparent public consultation process alongside a comprehensive regulatory framework, the CNV aims to enhance oversight and accountability within the virtual asset service industry.

The categorization of PSAVs and the introduction of specific compliance requirements are designed to strengthen market integrity while encouraging innovation and protecting investors.

The evolving regulatory framework emphasizes the importance of balancing effective regulation with the promotion of a dynamic and competitive marketplace.

As stakeholders provide feedback and the framework is refined, the ultimate goal is to establish a resilient system that promotes responsible growth while safeguarding the interests of all market participants.

By incorporating public input into the proposed regulations, the CNV aims to set clear guidelines for PSAVs to operate ethically and successfully within Argentina’s financial landscape.

The commission aspires to position the country as a favorable jurisdiction for responsible digital asset services by promoting transparency, compliance, and innovation while ensuring market stability and investor confidence.

Ultimately, the CNV’s collaborative and consultative approach to this regulatory initiative underscores its commitment to harmonizing innovation with investor protection, contributing to the sustainable growth and stability of Argentina’s digital asset industry.

The post Argentina's CNV proposes new regulations for virtual asset service providers appeared first on Invezz

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