TechFlow news, October 22 — According to Bitcoin.com News, Argentina's securities regulator (CNV) recently released a draft regulation governing the operations of virtual asset service providers (VASPs). The draft aims to strengthen protections for crypto users while imposing new compliance requirements on industry participants. CNV Chairman Roberto Silva stated that the proposal, known as "General Resolution 1,025," is designed to "regulate according to legal principles without hindering industry innovation." Key provisions of the draft include:
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Requiring crypto companies to disclose agreements with third parties and clients.
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Establishing policies to prevent money laundering and terrorist financing.
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Setting cybersecurity standards.
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Setting minimum capital requirements for different types of crypto firms, with entities offering transfer, custody, and virtual asset management services required to hold a minimum capital of approximately USD 173,000.
Industry players have reacted cautiously to the draft. Carlos Peralta, Head of Public Affairs at Bitso Argentina, said: "We place great importance on the public consultation process for reviewing VASP registration requirements, which will help promote financial inclusion and build faster, more efficient financial infrastructure."
Juan Pablo Fridenberg, director at prominent Argentine exchange Lemon, emphasized the importance of smart and progressive regulation: "As international organizations have warned, regulatory frameworks that distort, suppress, or excessively raise the cost of VASP activities will encourage users to shift toward unregulated or cross-border alternatives."
