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The Argentine government announced the creation of a unified registry of virtual service providers

Regulation: The Argentine government announced the creation of a unified registry of virtual service providers

At the conclusion of March 2024, the regulatory body in Argentina unveiled the establishment of a consolidated record of virtual asset service providers (PSAV). Henceforth, entities and individuals engaged in cryptocurrency-related endeavors must undergo compulsory registration. This development was disclosed by Forbes, citing the official document.

Per the report, the novel prerequisite will impact entities facilitating the buying, selling, transmission, or reception of cryptocurrencies, engaging in #digital asset trading, or offering lending services. The stipulations encompass not only domestic service providers but also enterprises operating within the Argentine market but registered elsewhere.

Roberto Silva, the head of Argentina's National Securities Commission (CNV), cautioned that failure to register would preclude individuals from offering virtual asset services within the nation.

It is noteworthy that Manuel Ferrari, co-founder of the Money On Chain protocol, vehemently criticized the CNV's endeavor. Ferrari contended that #bitcoin functions as a currency, not a security.

Expressing his dissent, Ferrari remarked:

"Establishing a registry for entities involved in bitcoin transactions is an ill-conceived notion. Analogously, currency exchange bureaus or jewelry outlets are not mandated to register with the CNV."

Ferrari suggested that this initiative primarily benefits legal professionals and regulatory representatives. Furthermore, he asserted that this measure contradicts the stance of President #Javier Milei, a reputed bitcoin advocate.

Nicolas Bourbon, the founder of the payment platform KamiPay, opined that the regulatory framework would have no direct impact on users. He posited that its purpose is to align with international organizations' standards.

As per the #Chainalysis ranking, Argentina holds the 15th position in the global cryptocurrency adoption index. Lemon, a local cryptocurrency exchange, reported that Argentine residents persist in investing in bitcoin amidst soaring inflation rates. Consequently, demand for Argentina's primary cryptocurrency has surged to a level unseen in 20 months.

It is worth mentioning that in January 2024, the country's authorities rescinded #tax obligations related to cryptocurrencies.

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