The head of the capital market regulatory body participated in the plenary meeting of the Inter-American Regional Committee of the International Organization of Securities Commissions. “Normalization” of the crypto market and regulation.
The president of the National Securities Commission (CNV), Robert Silva, participated on behalf of Argentina in the plenary meeting of the Inter-American Regional Committee (IARC) of the International Organization of Securities Commissions (IOSCO) held in Mexico. There, he spoke about the axes of his management, with a focus on easing restrictions on financial dollars and cryptocurrency regulation.
At the CNV they highlight that his trip to present at this meeting is part of “the premise of the management of reinserting the country into the international agenda.” The IARC, a committee in which, among other entities, the Securities and Exchange Commission (SEC) of the United States, is one of the four regional committees that make up IOSCO in which regulatory challenges are debated. Some of the topics in vogue are the regulation of cryptoassets and decentralized finance.
“Dr. Silva’s participation in this forum is part of the decision to position Argentina internationally and maintain an active presence with the countries of the Americas, as well as in the rest of the world through IOSCO,” the CNV stated in a statement.
Silva spoke in the panel called “Update on market evolution and regulatory initiatives” on “The impact of exchange controls on capital markets and the long road towards normalization”, a topic that is going through the current situation in the country.
“In line with the objectives of the National Government and in coordination with the Ministry of Economy and the Central Bank of the Argentine Republic, The CNV is channeling itself into a process of regulatory flexibility and consequent market normalization”Silva stated.
As Ámbito said, the Government has already identified the restrictions that it will remove for the operation of financial dollars within the framework of the disarmament of the stocks that the Government plans, but whose implementation deadlines have not yet been defined. Luis Caputo and Javier Milei assure that they do not want to risk a run when they remove exchange regulations and that they prefer to wait for the liquefaction of the BCRA’s remunerated liabilities to deepen (via lower rates) or to obtain new debt in dollars that reinforces reserves. (for example, via negotiation with the IMF).
Silva also highlighted that “Argentina sanctioned a reform to the Law on the Prevention of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction” and that, “for the CNV it is very important to comply with its implementation” through the Virtual Asset Provider Registry which opened yesterday to comply with the regulations and recommendations of the Financial Action Task Force (FATF), which is in its fourth Mutual Evaluation Round. This record is mandatory compliance for digital wallets and other cryptocurrency providerswho have a period of 45 days to register.
In this sense, the head of the CNV highlighted: “We will continue to align regulatory frameworks with international standards, thus facilitating cross-border transactions to make Argentina an attractive destination for foreign investment and business.”
Also participating in the panel were Kevin Piccoli, from the United States Commodity Futures Trading Commission (CFTC); Solange Berstein, president of the Financial Market Commission (CMF) of Chile; Lorena Masías, president of the Superintendency of the Securities Market (SMV) of Peru; Fischer YJ, of the United States SEC; and Yvette Pierre of the Bermuda Monetary Authority (BMA).
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Source: Ambito
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