The Argentinian Chamber of Fintech is a membership-based organisation whose mission it is to promote the modernization and digitization of the financial sector. It has issued a number of recommendations regarding the regulation of virtual assets. It asks that the government follow FATF guidelines and calls for a clear definition and Virtual Asset Service Providers.
Argentinian Chamber of Fintech Heighs In On Regulation
The Argentinian Chamber of Fintech is a group working for modernization of the financial services providers’ structure. It has released its opinion on how the government of Argentina should regulate crypto assets. This proposal takes into consideration the increase in cryptocurrency assets usage in Argentina. It identifies key issues to be addressed to improve regulation of the currency.
First, they mention the importance of following the FATF recommendations (Financial Action Task Force). Argentina is a member of this group and will monitor the country’s compliance with these and other recommendations.
This proposal addresses also the issue of virtual assets and virtual asset service providers (VASPs) being defined. It states that:
[These definitions]should have broad concepts that can cover both the latest technologies and the services associated with them.
A second recommendation concerns the legality for activities that involve virtual assets. The text suggests that crypto rules be included in law. This would enable parties who use virtual assets to open banks accounts, without having to separate from traditional banking. This will help VASPs avoid being excluded, as was the case in other countries.
Argentina still lacks a clear crypto regulation
The Argentinian Chamber of Fintech remarks that, while cryptocurrency adoption has flourished in the country without any specific regulation, it appreciates “the start of an imminent regulatory process at both the regional and global levels,” which prompted it to make these recommendations.
Cryptocurrency has been discussed at the top of the agenda in Argentina. Alberto Fernandez was the president of Argentina in August. He stated that he would be open to adopting cryptocurrency as legal currency. However, he also stated that the subject was “unknown” to him. Some laws have been approved at the regional level in certain regions, where crypto users will need to pay taxes on their cryptocurrency holdings. They are internationally recognized currencies.
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