Argentine National Securities Commission (CNV), is getting ready to shake things up for the local virtual currency scene! They’ve announced their plan to lay down the law and guide the industry with some fresh regulations.
But why the sudden interest? Well, our friends in the government are currently mulling over some anti-money laundering reforms, and if these reforms go through, the CNV will have more power to keep an eye on the virtual currency scene.
The CNV has been prepping for this for a while now and has started reaching out to the key players in Argentina’s virtual currency industry. They’re planning to gather inspiration from other countries and are even hosting a public consultation in the near future. The drive for a strong legal regime for the local virtual currency is all thanks to the Financial Action Task Force (FATF). The FATF has been urging member countries to beef up their anti-money laundering rules to prevent any shady dealings like terrorist financing or drug trafficking.
The CNV has made it clear that the FATF will take a closer look at Argentina’s monetary affairs coming 2024 – all in the hopes of bringing it up to their high standards. Though, it’s not all bad news – the proposed bill for virtual asset operators in Argentina will help ensure the security of their user funds, even in the face of black swan events.
Argentina Mulls Inclusion of Proof-of-Solvency Requirements in Crypto Regulation – Argentina's government is prepared to implement a set of severe regulations that crypto firms must follow in order to operate in the country. #CryptoRegulationhttps://t.co/jt2C55XvIz pic.twitter.com/oOlRDMvnx3
— Evoclique (@Evoclique_) February 10, 2023
The Virtual Currency Revolution in Argentina is Here!
Argentina’s virtual currency scene is heating up and the Ministry of Economy is jumping on the bandwagon! They’ve drafted a new bill that’s got virtual asset holders feeling all sorts of good vibes.
Here’s the deal – if you declare your virtual asset holdings within 90 days of the bill’s implementation, you’ll only have to pay a 2.5% tax instead of the usual 15%. Not just virtual currencies, but this deal also covers shares, real estate, and even foreign bank accounts.
It’s clear that Argentina is embracing the virtual currency revolution, coming in at a strong 13th place on Chainalysis’s Global Adoption Index. This surge in popularity is likely due to the country’s double-digit inflation and tricky cross-border payment options.