After the approval in the Chamber of Deputies, the institutionalization of control mechanisms for cryptocurrencies is approaching.
With 111 affirmative, 96 negative and 5 abstentions, the Chamber of Deputies gave half sanction to the project that seeks to modify the Law 25,246, for the prevention and control of money laundering. Although the debate remains in the Senate In order for the reform in the legislation to materialize, the Government’s project aims to create tools to regulate the activity of the cryptocurrencies.
“We don’t want more Cositortos“he said in his speech German Martinezpresident of the block of deputies of the front of all, who closed the session that debated the modification of the money laundering law. “Having a better regulation in what has to do with money laundering without a doubt it will cut many of the links that money laundering will have with drug crime“, he concluded.
One of the most important reforms contemplated by the initiative is the one that converts the Financial Information Unit (FIU) in a decentralized body of the National Public Administrationin jurisdiction of Ministry of Economywith its own legal status, which will function with autonomy and functional, administrative, economic and financial autarky.
Another important point is that the number of operations that must be reported to the FIU is extendedsince it incorporates the virtual asset service providersto human or legal persons who carry out custody and administration of cash or liquid securities on behalf of a third party, lawyers and providers of corporate and fiduciary services.
In addition, the linked articles of the Penal Code and the creation of a registry of virtual assets. It is in this framework that the cryptocurrencieswhose strong presence in Argentina is linked to the evasion of controls and jump the exchange rate trap on the dollar.
This transformation takes on a greater dimension considering that the Transfers with cryptocurrencies in Argentina reached US$ 93,000 million between July 2021 and June 2022. According to the index of Cryptocurrency Adoption 2022presented by the specialized company chainalysis, Argentina ranks 13th in the world ranking of crypto use.
The initiative had been analyzed last November by the General Legislation and Finance commissions, but had not received an opinion. His relaunch -which obtained support from the ruling party and the PRO- is part of the fact that next year there is a new technical review from the Financial Action Task Force (FATF) and Argentina must update its legislation to the new rules issued by the entity, so its approval is a key goal for the government.
In the foundations of the project to increase controls over the cryptocurrencies it is affirmed that “the plexus of subjects are added the virtual service providers in line with the risks represented by the use of virtual assets, in accordance with the current international standard and general glossary of the FATF“.
“In effect, virtual assets represent a expanding business all over the world and have collected enormous economic relevance in recent times, leading risks for the system for the prevention and fight against money laundering, the financing of terrorism and the proliferation of weapons”, said the Executive in the project sent to Congress.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
