Argentina drafts new cryptocurrency regulations to regulate VASP operations and impose new compliance requirements

According to Bitcoin.com, the Argentine Securities Regulatory Authority (CNV) recently announced a public consultation on a draft aimed at regulating the operation of virtual asset service providers (VASPs) in the country and imposing new compliance requirements on these institutions. If Resolution 1025 is approved, it will force cryptocurrency companies to disclose agreements with third parties and customers. It also attempts to prevent money laundering and terrorist financing by developing policies and cybersecurity standards. This framework is a follow-up action to VASP registration launched earlier this year. One of the most controversial parts of the draft is its new classification of cryptocurrency companies, which sets a minimum registered capital for these companies to operate in the country. The minimum capital requirement for institutions providing virtual asset transfer, custody, and management will be close to $173000. Individuals can participate in fiat to cryptocurrency and cryptocurrency to cryptocurrency exchanges without the need to establish a company.