Argentinian Chamber of Fintech Makes Cryptocurrency Regulation Proposal
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Loading... - Ainsley Murphy
- 20 Dec 2021
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Argentinian Chamber of Fintech Weighs In on Regulation
The Argentinian Chamber of Fintech, a group that works for the modernization of the structure of financial service providers, issued its take on how the Argentinian government should regulate cryptocurrency assets in the future. The proposal, which takes into account the rise in usage of these assets in the country, establishes a series of key issues that, according to the group, should be followed to better regulate cryptocurrency.
The first one of them mentions the need to follow the recommendations of the FATF (Financial Action Task Force), because Argentina is part of this group, and it will oversee the status of the country regarding these and other recommendations.
The proposal also addresses a need to define the concepts of Virtual Assets and Virtual Asset Service Providers (VASPs). The document states:
"[These definitions] should be based on concepts broad enough to cover the new technologies that are constantly emerging, as well as the activities and services related to them."
Another recommendation has to do with the legality of activities involving virtual assets. According to the text, crypto rules should also be explicitly defined in the law, as it would allow parties that use these virtual assets to open bank accounts without being segregated from the traditional banking sector. This would help VASPs to avoid being excluded as has happened in some countries before.
Argentina Still Lacks 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. Read More…
