One day before the conclusion of the FATF visit to the country, the CNV made official with a decree in the Official Journal theCreation of the registry of virtual asset service providersa directory in which they must register In the next 45 days companies in the crypto sector operating in the country.
The measure is part of the implementation of the prevention of money laundering, terrorist financing and proliferation of weapons of mass destruction, approved by Congress almost 10 days ago. The Virtual Asset Provider Registry was one of the recommendations that the FATF addressed to the country to avoid placing it on a “grey list”.
So, those who operate professionally and on a monthly plan of approximately US$ 32,000 (the equivalent of 35,000 UVA per month) He will be required to enter this register. As explained by official sources, this applies to both human and legal persons, who must upload the requested information to the CNV website.
The registry includes all those who use the web pagessocial networks or other media, directing its offer and/or advertising to entities resident in the Argentine Republic, who have a certain volume of operations in the country or who use any type of technology to receive funds locally from residents there.
“We worked against time advance in compliance with law no. 25.246 reforming the national regulatory system for the prevention of money laundering and terrorist financing (ML/FT) and present today the creation of the PSAV register before the end of the FATF visit to the country and taking into account its recommendation on the matter “, declared the president of the CNV, Roberto E. Silva.
In this sense, he said that “we have started the process of registering virtual asset service providers”, and he underlined this “Those who are not registered will not be able to operate in the country”. At the CNV they recognized that the implementation of this register is a first phase of the regulation of the crypto sector, which at a later stage could mean the creation of a license, necessary to operate in Argentina.
However, they cautioned that no deadlines have yet been set for this second phase. “We want to continue to dialogue with the sector. The companies themselves want to move towards regulation and we don’t want to make one “Frankenstein” or propose a negative measure for the sector,” they said.
Although the companies included in this register are They will return to “obliged subjects” before the UIF (Financial Information Unit), both the CNV and the sector have highlighted that this measure”Nothing changes for users.”
In this sense, the Fintech Chamber has been working for weeks to propose a tax reform for the cryptocurrency sector, so as not to discourage Argentine users from giving priority to operating within platforms, wallets or exchanges registered with the regulator.
“For more than a year, the Chamber’s technicians have been working with the CNV and the UIF, arguing that, given the nature of virtual assets, excessive regulation could lead to the paradox of greater informality and a tendency to operate towards exchanges foreign/deregulated, contrary to the objectives proclaimed by the regulation and seriously affecting the sector and the users of the more than 10 million virtual asset accounts they use to pay, save and invest their money. The Chamber is promoting a new tax framework that places the virtual assets held by the PSAV registered on equal terms with other financial assets regulated by the CNV, in three national taxes: Profits, personal wealth and tax on debts and credits”, They explained from the business group.
Source: Clarin