Cryptocurrencies: The Government formalizes the new regulation for virtual asset suppliers

Almost a month after the $ LIBRA case, the National Securities Commission (CNV) formalized the new regulation for virtual asset services suppliers (PSAVS), which represents a key step Towards the configuration of a Regulatory framework for the crypto ecosystem in Argentina.

General resolution 1058 of the CNV, which is part of Law 27,739, seeks reinforce transparency, stability and safety in the sector, imposing registration, cybersecurity and money laundering prevention requirements, According to its content.

The president of the CNV, Roberto Silva, He stressed that “It worked intensely in this standard to guarantee its effectiveness without generating unnecessary costs for the industry, promoting innovation.” In addition, he stressed that those who do not meet the stipulated requirements and deadlines will not be able to operate in the country.

Virtual assets: key points of the new regulation

The new regulatory scheme establishes general rules of action and specific conditions for the functioning of PSAVs. Among the most relevant aspects, they are included:

• Mandatory Registration: Suppliers must register to legally operate in Argentina.

• Prudential requirements: Regulations are established for safe custody of virtual assets and accounts segregation.

• Risk dissemination: Transparency will be required in the information about nature and the possible risks of virtual assets.

• Bonds with third parties: The agreements between PSAVS and registered agents of the capital market are regulated, as well as the delegation of functions in national or foreign entities.

• Audits and controls: PSAVS must undergo annual audits to guarantee compliance with money laundering prevention regulations and information security.

The norm establishes a Adaptation regime for suppliers that already operate in the country. Human people must comply with requirements before July 1, 2025, while legal persons constituted in Argentina will have until August 1, 2025. For the foreign companies, the deadline extends until September 1 This year. The regulation will enter into full of December 31, 2025.

Crypto regulation: how many types of suppliers will have

The standard provides five types of service providers:

• Those who exchange virtual assets by fiduciary currency (common money).
• Those that exchange virtual assets.
• Those who only transfer virtual assets.
• Those who offer custody services.
• Those that offer financial services linked to the offer or sale of virtual assets.

Natural persons can be registered as PSAV, in which case they can only be Argentines. They can also be Argentine legal persons or foreigners In the latter case, they must constitute a society in Argentina or can open branches.

A point to keep in mind is that Although companies are in Argentina, the operation can be done abroad. It is clear that from this regulation It cannot be operated in this type of services without being part of the registration, which currently reaches hundred.

So far the Simple PSAV registration but to the extent that regulation progresses, there will be more requirements to meet. Human people will have time to advance with the new requirements until July 1; National signatures until the first of August and international until September.

Everyone will have to have at least A public service office, with procedures for claims and commissions and transparent fees.

Warnings for memecoins and “cositorrtos”

The National Securities Commission It will regulate market operators, but not what is marketed in that circuit. Thus, Bitcoins can be sold or purchased, for example, or any memecoin. This is because cryptoactive do not constitute “negotiable securities contracts.”

It is not a bonus that pays an interest coupon periodically, nor do they have any underlying assets that establish a default performance. Therefore, They are not reached by capital market regulations.

In other words, someone who offers a memecoin or sells a product promising that within X days he will raise his prices 100 times, they are in the same condition; They are not available to market laws. Is That is why in the case of the Zoe generation, Leonardo Cositorto, they could not find infractions. It is simply a scammer who took money from people promising yields, as a “financial cave” can do it.

Tokenization of values

What sources from the CNV anticipated, is that it works on the Tokenization of “negotiable values”. This is that a company can decide in the future Issue a negotiable obligation in any currency for a certain amount, but establish that 50% of the issuance will be done through a Token that can be negotiated in the PSAVS circuit. Although the idea is still “in diapers” and it is necessary to work hard on regulations and regulations, it is known that CNV will have that regulate these cryptoactives in the same way that does so with an action or a bonus of the traditional capital market.