The CNV takes another step towards the regulation of cryptocurrencies

After opening the registry of virtual asset service providers (PSAV), The National Securities Commission (CNV) took a second step towards regulating the crypto ecosystem. Now, it has adapted its regulations to the provisions of the reform of the Money Laundering Prevention Law and incorporated new subjects obliged to the Financial Information Unit (UIF). In addition, it determined that wallets and other providers of cryptocurrencies or cryptoassets will be supervised by the CNV, once the second stage of regulation of the sector progresses.

This is what the organization that leads Robert Silva through General Resolution No. 996, which will be published in the next few hours in the Official Gazette. The measure aims to comply with the guidelines of Law No. 27,739, recently approved by Congress as a reform of the Law on the Prevention of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction.

All of this is being done to fulfill the most urgent recommendations of the Financial Action Task Force (FATF), which visited the country days ago within the framework of the organization’s fourth evaluation of Argentina. FATF prepared a series of recommendations that, according to officials, if not fulfilled could drag the country to the “gray list”, which would imply complications for financial relations between Argentina and the rest of the world.

Silva highlighted that “the CNV regulations were adapted in order to comply with the Law and incorporate the new obligated subjects for the UIF.”

Specifically, RG 996 introduces as new subjects liable to the FIU to central depository agents; to custody, registration and payment agents; and the PSAV. The latter, in addition, will be new subjects supervised by the CNV.something that has not happened until now.

What does this imply? The obligated subjects must observe compliance with the different anti-money laundering and prevention of terrorist financing regulations, and report to the FIU. In addition, the resolution establishes that “issuers must present supporting documentation to the Commission in order to verify the legal origin of the funds involved in capital contributions, irrevocable contributions on account of future issuances of shares or significant loans that they receive, as well as also the identity of the subjects involved in said operations.”

Regulation of the crypto universe: How next?

Regarding the incorporation of wallets, companies and human persons that act as suppliers of cryptocurrencies or cryptoassets as subjects to be inspected by the CNV, official sources explained to Ámbito that this Specific controller work will begin to be applied in a second stage, in which progress is made with the fine print of the regulation of the crypto universe.

This regulation constitutes a second step in this process. The first, after the enactment of the law, was the opening of the registry of virtual asset service providers to have identified all those that operate in the country as cryptocurrency exchanges (with the exception of those that operate monthly amounts of less than US$ s32,000), something that the FATF had expressly requested. Registration was launched on March 25 and will remain open for 45 days.

The Government assures that there are still no specific deadlines set for the CNV to advance the more exhaustive regulation of wallets that operate with cryptocurrencies, which will be done in a second stage. But, as Ámbito said, on the horizon is the idea of ​​moving from the current registry to a licensing system that would regulate issues such as minimum assets for suppliers and the separation of accounts to try to protect clients’ assets in the event of eventual bankruptcies. of the Exchanges (a point on which there are negative experiences worldwide), among other points. Officials assure that, for its preparation, there will be public consultations and dialogue with the market.