A member-based organization aiming to lead the modernization and digitization of the fintech industry made multiple recommendations for the awaited regulation of crypto in Argentina. The proposal by the Argentinian Chamber of Fintech calls for a clear VASPs definition. It also asks the authority to adhere to FATF recommendations.
Argentina on Cryptocurrency Regulation
The Argentinian Chamber of Fintech presented its views on how the nation’s authorities should regulate crypto assets in the coming future. It is a group that focuses on financial services structure modernization in the country. Moreover, the proposal considers the increased crypto usage in Argentina. It establishes multiple issues that the group believes would regulate the crypto space to the best if followed.
Firstly, the group asks the Argentinian government to follow Financial Action Task Force (FATF) recommendation as the nation belongs to the organization. Furthermore, FATF will oversee the nation’s status as far as the crypto market is concerned.
Moreover, the proposal addresses VASPs (Virtual Asset Service Provider) definition. The document detailed that it should include new technologies and related activities.
Another proposal highlights the legality of the activities involving cryptocurrency assets. The text wants the law to define crypto rules. That would allow different parties utilizing crypto products to open bank accounts without segregation by the traditional banking system. That would mean including VASPs, unlike some nations had done.
Argentina Lacks Clear Cryptocurrency Rules
The Fintech Chamber said that as crypto adoption flourished in the nation without specific regulations, it appreciated the upcoming regulatory procedure at the global and regional level, which prompted the group to make the recommendations.
Meanwhile, the crypto debate appears to peak in Argentina. The nation’s current president Alberto Fernandez revealed his support to legalize crypto as legal tender. However, he declared his less familiarity with the crypto subject. At a regional spectrum, there are some approved laws in given regions. They require crypto users to pay taxes, considering cryptocurrencies as international currencies.
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