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Government insists on putting cryptocurrency operations under the magnifying glass

Government insists on putting cryptocurrency operations under the magnifying glass

The president of the National Securities Commission (CNV)Sebastián Negri, urged to promote the new project that reforms the law against money laundering and terrorism, which includes a new regulation for intermediaries in operations with cryptocurrencies.

At the Fifteenth Symposium on Capital Markets and Corporate Finance, organized by the Argentine Institute of Finance Executives (IAEF), Negri stressed the need to have a registry of crypto asset operations providers, among other aspects of the project.

“We participated in the drafting of the new money laundering bill, and we want it to be part of the agenda,” said the head of the CNV, who warned that “if the law is not approved, if a record is not made of suppliers, the consequences could be bad for Argentina”.

In particular, he remarked that “the FATF (International Financial Action Group) is asking not only for the money laundering prevention law to be modified, but also for there to be a registry of exchanges (exchanges) headed by CNV”.

In this regard, Negri expressed his “expectation that the law will be reactivated and that the CNV will have a new power to regulate virtual intermediaries.”

In this sense, he indicated that he is committed to having a “much more attentive look at intermediaries, from the point of view of the regulator, that is closer to the exchanges”, which operate in the country and are the intermediaries that offer the possibility of buy and sell cryptocurrencies.

In this regard, he defended the new regulation in defense of small investor savers so that those who operate with this type of asset “can make an informed decision”, with the certainty that it is a risky investment.

The axis of the official project is to promote the control of advertising and promotion of cryptocurrencies that are the object of investment, financial services and other assets.

As Negri explained, “the idea is to prevent scams and misleading advertising that mislead people regarding the investment they are assuming.”

The CNV participated in December in different areas and in Congress, together with representatives of the Financial Information Unit (UIF), the Central Bank and the Federal Administration of Public Revenues (AFIP), to discuss the proposed amendments to Law 25,246 , prevention and prosecution against money laundering and terrorist financing.

The project draws on international experiences such as Spain, where a law similar to the proposal has been in force for one year, the United Kingdom, India and Australia, among other countries that also seek to provide transparency to investment and innovation opportunities in the cryptoactive ecosystem and token technology.

Negri highlighted the performance achieved in 2022, when the country grew 5% amid exchange effects, the war and the post-pandemic, and highlighted the behavior of the local capital market

“In this context, the capital market works, companies and especially SMEs continue issuing at a record rate year after year. In addition, client accounts are added and the alternative of mutual investment funds remains very current,” said the official .

Finally, he listed the initiatives of his management at the head of the CNV, and highlighted, among others, the promotion of green bonds and other thematic ones, and liquid funds with guarantees, and other regulations to promote financial investments in pursuit of production .

Source: Ambito

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