Argentina’s government has initiated the implementation of regulations for cryptocurrency exchanges to operate legally within the country. The Comisión Nacional de Valores (CNV), which serves as Argentina’s securities regulator, announced on March 25 that virtual asset service providers must comply with recommendations from the Financial Action Task Force (FATF). As part of the country’s efforts to reform its Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws, certain companies offering cryptocurrency-related services are required to register with the Argentine government.
The progress in enforcing the law affecting crypto providers in Argentina began on March 14 when the country’s senate approved amendments to laws aimed at preventing money laundering and the financing of terrorism. Roberto Silva, the President of CNV, emphasized that virtual asset service providers that fail to register will be prohibited from operating in the country.
The proposed changes to Argentina’s laws concerning crypto users were reportedly introduced before Javier Milei won the presidential election in November 2023. Milei was seen as a pro-Bitcoin advocate, earning him support from many cryptocurrency enthusiasts. However, the implementation of the FATF requirements has raised concerns about the future of digital assets in Argentina.
In relation to this development, many users of the Strike app in Argentina, which facilitates Bitcoin payments through the Lightning network, have reported that they can no longer send fiat currency to bank accounts. The impact of these requirements on businesses operating in Argentina and customers using their services remains uncertain. In December 2023, Argentina’s Minister of Foreign Affairs stated that contracts could be settled using Bitcoin and other cryptocurrencies.
On April 2, Milei spoke publicly during a Malvinas Day ceremony commemorating the lives lost during the Falklands War in 1982.
Source:
Nina Lira
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Several users of the popular app Strike, known for enabling Bitcoin payments via the Lightning network, have observed that the app no longer permits locals to transfer fiat currency to bank accounts. The implications of these requirements on businesses operating in Argentina and customers utilizing their services are unclear. In December 2023, Argentina’s Minister of Foreign Affairs proclaimed that contracts could be settled using Bitcoin and other cryptocurrencies.
Milei made a public statement on April 2 as part of a ceremony commemorating Malvinas Day, which memorializes the lives lost during the Falklands War in 1982.
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