Argentine Fintech Chamber Makes Proposal to Regulate Cryptocurrencies –

The Argentine Fintech Chamber, a membership-based organization that aims to advance the digitalization and modernization of the financial services industry, has issued a series of recommendations for the country's upcoming regulation of virtual assets. The proposed framework calls on the government to follow FATF recommendations and calls for a clear definition of virtual assets and virtual asset service providers (VASPs).

Argentine Fintech Chamber advocates for regulation

The Argentine Fintech Chamber, a group committed to modernizing the structure of financial services providers, issued his take on how the Argentine government should regulate cryptocurrency assets in the future. The proposal, which takes into account the increasing use of these assets in the country, sets out a number of key issues that the group believes should be pursued to better regulate cryptocurrency.

The first of them mentions the need to follow the recommendations of the FATF (Financial Action Task Force), as Argentina is part of this group and will monitor the country's status with regard to these and other recommendations.

The proposal also addresses the need to define the concepts of virtual assets and virtual asset service providers (VASPs). The document states:

[These definitions] sollte auf Konzepten basieren, die breit genug sind, um die ständig neu entstehenden neuen Technologien sowie die damit verbundenen Aktivitäten und Dienstleistungen abzudecken.

Another recommendation concerns the legality of activities involving virtual assets. According to the text, crypto rules should also be explicitly defined in the law as it would allow parties using these virtual assets to open bank accounts without being separated from the traditional banking sector. This would help VASPs not to be excluded as before happened in some countries.

Argentina still lacks clear crypto regulation

Argentina's Fintech Chamber notes that cryptocurrency adoption is flourishing in the country without specific regulation, but it welcomes "the beginning of an upcoming regulatory process at regional and global levels," which led it to make these recommendations.

The topic of cryptocurrency has reached the highest level in the country. In August, Alberto Fernandez, the current president of Argentina, specified that he was open to introducing cryptocurrencies as legal tender in the country. However, he also stated that the topic was “unknown” to him. At the regional level, there are already some laws in select regions that require cryptocurrency users to pay Steer for their crypto holdings as they are considered international currencies.

What do you think of the Argentine Fintech Chamber's recommendations for a regulatory framework for cryptocurrencies? Tell us in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price surge occurred in December 2017. With a background in computer engineering, living in Venezuela and affected by the cryptocurrency boom on a social level, he offers a different perspective on crypto success and how it helps the unbanked and underserved.

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