On Tuesday, the Argentine National Securities Commission (CNV) confirmed to CoinDesk that it intends to set and regulate rules for crypto firms operating within the country.
To clarify the CNV’s authority over VSSPs, the Argentine Congress is now debating a change to the legislation preventing the laundering of illicit funds.
CNV stated that if the bill is ratified, it will consult all parties involved in Argentina’s crypto industry to gather feedback before drafting regulations.
According to a CNV source, “the worst-case scenario is a regulation that cannot be implemented.”
The bill specifies several guidelines that the crypto industry must adhere to to ensure the safety of its users, the integrity of public funds, the integrity of transactions, and the prevention of money laundering.
According to the CNV, the new regulations are necessary so that crypto firms can meet the standards set by the Financial Action Task Force when it evaluates Argentina in 2024.