After the new BCRA measure, fintechs will no longer be able to offer their clients to carry out operations with cryptocurrencies or hold instruments that are tied to the crypto price.
According to a provision of the BCRAfintech or payment service providers that offer payment accounts (PSPCP) They may not carry out or facilitate operations with digital assets, including crypto assets, to their clients. that are not regulated by the competent national authority.
According to the specialist in fintech issues, Maximilian FirtmanSome of the companies covered by this new regulation are: Ualá, Mercado Pago -today it does not offer cryptos in Argentina, it does in other countries-, Personal Pay, DolarApp, Nubi, MODO, Grapefruit and Prex. This is the full list.
Thus, The Central Bank prohibits fintech registered as payment service providers from offering cryptocurrencies directly or indirectly from the interfaces of their apps.
Given this, the Bitcoin NGO issued a statement in which they maintained that “the measure is surprising and unconsulted. It is not understood what objective the BCRA is seeking by prohibiting an activity that today is entirely satisfactory and useful for the clients of local exchanges.”
The rule established by the BCRA, as announced, seeks to equate the rules that PSPCPs and financial institutions must comply with. The latter already have a restriction of the same tenor since May 2022, disseminated through Communication A 7506.
In May 2021, the Central Bank and the National Securities Commission (CNV) published a alert in order to provide information on eventual implications and risks that crypto assets may entailas well as recommending a prudent attitude in order to mitigate a possible source of vulnerability for users and investors.
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