By opening a public consultation process, the CNV demonstrates its commitment to transparency and citizen participation in the development of regulations that will impact the future of the financial market, the official regulations state.
The National Securities Commission (CNV) announced the opening of a public consultation for the development of regulations that regulate the activity of Virtual Asset Service Providers (PSAV) in the country. In other words, it seeks to establish a clear legal framework for companies that operate with cryptocurrencies and other digital assets.
In compliance with the legal mandate that designates CNV as regulator of PSAVs, The standard under consultation establishes the general rules of action and the conditions under which PSAVs must provide their services, based on the principles and parameters defined in article 38 of Law No. 27,739, which reforms Law No. ° 25,246 on the Prevention of Money Laundering, the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction.
The president of the CNV, Roberto E. Silva, highlighted that “the industry has been listened to to work on this RG” and that “the objective is to balance the mandate to regulate in accordance with the principles included in the Law, with the need to promote “innovation and avoid overregulating the industry.” In addition, he added that “we expect the participation and contributions of industry actors in this public consultation, in order to perfect the standard.”
Key points from the official text
- Legal framework: The CNV is based on Law 27,739, which modified Law 25,246 to include PSAVs within the scope of financial regulation and assigned the CNV the task of supervising them.
Regulation objectives
- Protect users of virtual assets.
- Guarantee the security of information and the protection of personal data.
- Promote stability and transparency in the virtual asset market.
- Comply with international standards established by the Financial Action Task Force (FATF) to prevent money laundering and terrorist financing.
The official text highlights that in the public consultation process: “The CNV invites citizens and interested parties to present their opinions and proposals on the draft regulations. This will allow the final regulation to be more complete and appropriate to the needs of the market.”
The regulations establish the patrimonial requirements required for each of the activities defined in article 4 bis of Law No. 25,246 – recorded as Categories -, information security policies, cybersecurity aspects, prudential requirements for the custody of assets. virtual accounts, segregation of accounts, information on agreements entered into with third parties and issues related to client referencing.
Likewise, the new regulation contemplates the rules of conduct that must govern the activity of the PSAV and other premises that make for transparency and disclosure of risks of virtual assets for the protection of users.
Annex I of the standard contains the draft of the proposed regulations, which establishes the general principles and particular conditions for the operation of PSAVs. Finally, remember that, “the growing popularity of virtual assets has generated the need to have a regulatory framework that provides legal security to investors and prevents possible abuses.”
Source: Ambito
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