A resolution of the CNV submits to virtual asset services suppliers (PSAV) to GAFI standards against money laundering and terrorism financing.
On March 12, 2025, the National Securities Commission (CNV) promulgated General Resolution 1058, a Regulatory framework that submits to virtual asset services suppliers (PSAV) to GAFI standards against money laundering and terrorism financing. In a context where cryptocurrencies occupy an increasingly leading place, this rule aspires to discipline a vibrant sector but exposed to systemic risks. However, when comparing it with the Mica Regulations of the European Union (2023), its design is more limited, revealing some deficiencies that could compromise its effectiveness against criminal threats inherent in this kind of assets.
The resolution defines the PSAV as entities dedicated to the trading of digital assets and currency fiattransfers, custody or associated financial services, demanding its registration in a registry managed by the CNV. Some prudential requirements are established – Net Patrimony of US $ 35,000 to 150,000 according to category – strict segregation of assets, cybersecurity and transparency protocols through the publication of risks and reserves. On the other hand, sanctions that include fines or blocking of sites, and an adaptation period until mid -2025 are established.
If you doubt the norm is an advance when establishing regulatory criteria that generate certainty in the sector. However, its scope is limited to suppliers, omitting the direct regulation of the cryptoactive that could not be considered as a negotiable values under the scope of Law No. 26,831. Here lies a first fissure: Mica, in contrast, it covers both CASP (Crypto Asset Service Provider) and those who dedicate themselves to offering digital assets in a wide range of typologies (referenced, electronic and utility tokens), which extends the regulatory perimeter to emitters and intermediaries in a holistic approach. This differential approach tries to put aside the regulatory debate about whether or not an investment contract is.
Access to the market illustrates another disparity. Argentina opts for a basic record – documentation, solvency, without demanding proof of suitability – when Mica imposes an exhaustive authorization that evaluates governance and operational capacity, granting a “passport” to operate in the EU. This laxity is worrying if we consider that cryptoactive ones, for their anonymity and transactional speed, are favorite instruments for money laundering, the fraud commission and the financing of illicit operations. Europe, with greater rigor, is making an effort to reduce these vulnerabilities, while Argentina, on the other hand, risks the entry of actors little prepared to face such challenges, a situation that could amplify the exposition of future risks.
CNV resolution on PSAV
Consumer protection reinforces this gap. CNV resolution forces PSAV to report risks – volatility, irreversibility, cyber attacks – already dispose of claim channels, but stops there. Mica, on the other hand, consecrates retracting rights and responsible for CASP for losses derived from security failures. In an ecosystem where the financial crime thrives thanks to cryptographic opacity, the mere Argentine dissemination is insufficient against the active empowerment offered by Europe.
In the operational plane, both frames agree to segregate assets, but Mica elevates the standard with dynamic requirements and deep audits, while Argentina sets static assets and reserves of limited scope reserves.
Resolution 1058 marks a regulatory milestone, but its reactive design underestimates the potential for exposure of cryptoactives against financial crimes. Faced with the proactivity of Mica, Argentina could strengthen its framework classifying asset coverage in a broader and rigorous way, establishing rigorous licenses and expanding protections beyond passive transparency. If these reforms are not advanced, the country will be lagging behind a phenomenon that demands a regulation as solid as sophisticated.
Lawyer specialized in financial crimes and director of the Center for Investigation and Prevention of Economic Criminality (CIPCE)
Source: Ambito
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