Connect with us

Published

on

Argentina finalizes rules for virtual asset providers

Argentina’s securities regulator has finalized rules for virtual asset service providers (VASPs), which cover general codes of conduct and custody requirements for cryptocurrency exchanges and other platforms facilitating digital asset transactions. 

The regulations were published on March 13 by the National Securities Commission, also known as CNV, under General Resolution No. 1058. 

According to a translated version of the announcement, the regulations impose “obligations regarding registration, cybersecurity, asset custody, money laundering prevention, and risk disclosure” on VASPs operating in the country.

The stated goal of the rules is to guarantee “transparency, stability, and user protection in the crypto ecosystem,” the announcement said.

Argentine tax lawyer Diego Fraga said the final guidelines include mandatory separation of company and client funds, annual audits and monthly reporting with the CNV. 

Argentina, Cryptocurrencies, Cryptocurrency Exchange

Source: Diego Fraga

Since 2024, VASPs operating in Argentina have been required to register with the registry of virtual asset service providers, also known as PSAV. According to the new rules, registrations may be revoked for noncompliance, and any company operating without registration may be blocked by court order. 

Individuals who are registered with the PSAV have until July 1 to conform to the new rules. Companies incorporated in Argentina have until Aug. 1, and those incorporated abroad have until Sept. 1.

“Those who do not comply with the established requirements and deadlines will not be able to operate in Argentina,” said Roberto E. Silva, the CNV’s president. 

Related: Argentina’s crypto adoption hopes dim after Milei’s LIBRA memecoin scandal

Despite LIBRA scandal, crypto adoption rising in Argentina

As global law firm DLA Piper explained, Argentina’s push for clearer crypto regulations intensified one year ago after the CNV implemented registration requirements and said crypto issuers would be subject to securities laws. 

The regulatory pivot came amid a growing wave of crypto adoption in the country, which was partly driven by the rapid depreciation of the Argentine peso.

By mid-2024, crypto adoption in Argentina had surged as locals flocked to stablecoins like Tether’s USDt (USDT).

An October Chainalysis report determined that Argentina had overtaken Brazil as the largest Latin American country for crypto inflows at roughly $91 billion between July 2023 and June 2024. 

Argentina, Cryptocurrencies, Cryptocurrency Exchange

Argentina tops Latin America’s crypto adoption list in terms of value received between July 2023 and June 2024. Source: Chainalysis 

Crypto adoption trends remain positive in the face of the LIBRA scandal involving President Javier Milei. As Cointelegraph reported, Milei publicly endorsed the memecoin before it suddenly plunged in value, fueling allegations of a rug pull.

Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked

Continue Reading

Politics

US government announces ChatGPT integration across agencies

Published

on

By

US government announces ChatGPT integration across agencies

US government announces ChatGPT integration across agencies

The deal was announced in response to the White House’s recent policy strategy to make the United States the AI capital of the world.

Continue Reading

Politics

Nomura’s Laser Digital to launch first regulated OTC desk for crypto options in Dubai

Published

on

By

<div>Nomura's Laser Digital to launch first regulated OTC desk for crypto options in Dubai</div>

<div>Nomura's Laser Digital to launch first regulated OTC desk for crypto options in Dubai</div>

Nomura’s crypto arm gains regulatory green light in Dubai to offer institutional OTC crypto options, expanding the UAE’s footprint in global digital derivatives.

Continue Reading

Politics

Jess Phillips condemns ‘idiot’ councils that don’t believe they have grooming gang problem

Published

on

By

Jess Phillips condemns 'idiot' councils that don't believe they have grooming gang problem

Safeguarding minister Jess Phillips has told Sky News that councils that believe they don’t have a problem with grooming gangs are “idiots” – as she denied Elon Musk influenced the decision to have a national inquiry on the subject. 

The minister said: “I don’t follow Elon Musk’s advice on anything although maybe I too would like to go to Mars.

“Before anyone even knew Elon Musk’s name, I was working with the victims of these crimes.”

Politics latest: Starmer responds to report suggesting tax rises needed

Elon Musk. Pic: Reuters
Image:
Elon Musk. Pic: Reuters

Mr Musk had called Ms Phillips a “rape genocide apologist” in one of a series of inflammatory posts on X in January and said she should go to jail.

Mr Musk, then a close aide of US President Donald Trump, sparked a significant political row with his comments – with the Conservative Party and Reform UK calling for a new public inquiry into grooming gangs.

At the time, Ms Phillips denied a request for a public inquiry into child sexual exploitation in Oldham on the basis that it should be done at a local level.

But the government announced a national inquiry after Baroness Casey’s rapid audit on grooming gangs, which was published in June.

Asked if she thought there was, in the words of Baroness Casey, “over representation” among suspects of Asian and Pakistani men, Ms Phillips replied: “My own experience of working with many young girls in my area – yes there is a problem. There are different parts of the country where the problem will look different, organised crime has different flavours across the board.

“But I have to look at the evidence… and the government reacts to the evidence.”

Ms Phillips also said the home secretary has written to all police chiefs telling them that data collection on ethnicity “has to change”, to ensure that it is always recorded, promising “we will legislate to change the way this [collection] is done if necessary”.

Read more:
Chancellor warned ‘substantial tax rises’ needed
Minister admits UK-France migrant returns could be ‘frustrated’ by legal challenges

Operation Beaconport has since been established, led by the National Crime Agency (NCA), and will be reviewing more than 1,200 closed cases of child sexual exploitation.

Ms Phillips revealed that at least “five, six” councils have asked to be a part of the national review – and denounced councils that believed they don’t have a problem with grooming gangs as “idiots”.

“I don’t want [the inquiry] just to go over places that have already had inquiries and find things the Casey had already identified,” she said.

She confirmed that a shortlist for a chair has been drawn up, and she expects the inquiry to be finished within three years.

Ms Phillips’s comments come after she announced £426,000 of funding to roll out artificial intelligence tools across all 43 police forces in England and Wales to speed up investigations into modern slavery, child sex abuse and county lines gangs.

Some 13 forces have access to the AI apps, which the Home Office says have saved more than £20m and 16,000 hours for investigators.

The apps can translate large amounts of text in foreign languages and analyse data to find relationships between suspects.

Continue Reading

Trending