Unlike Brazil, Argentina’s CVM is asking to be the public institution responsible for regulating the cryptocurrency market, including looking after the performance of brokers in the country.
It is worth remembering that Argentina has one of the largest volumes of digital currency trading in Latin America, second in volume after Brazil.
Speaking to the International Financial Action Group (GaFi), the president of the Comisión Nacional de Valores (CNV), Sebastián Negri, has expressed his willingness to take control of the market in recent days and closely monitor operations.
Argentina’s CVM calls for space to regulate cryptocurrencies
With the recent action by the US CVM against cryptocurrency exchanges in North America, the world is closely watching regulators’ next moves against platforms in the market.
And in Latin America, Argentina is moving ahead with ambitious plans to tackle the market that has attracted a large portion of the local population. This is because the local currency, the Argentine Peso, has gone through a bad phase accompanied by high inflation, with an intense loss of purchasing power of the population.
In the conversation with Negri, GaFi was represented by Diana Firth (Mexico), while the FATF delegation consisted of the President, Jorge Omar Chediak González (Uruguay) and the Executive Secretary, Esteban Fullin (Argentina).
Regarding the role of the CNV, Negri stressed that it would be a milestone for the country if the regulatory body took care of cryptocurrency platforms, which he called “virtual assets”.
“It would be a very important milestone for us to include the registration and regulation of virtual asset service providers as a competence and in this way provide users with greater certainty regarding the solvency of companies, the protection of their savings and the use of personal data.”
GaFi should evaluate the Argentine financial market soon
The speech from the president of Argentina’s CVM comes at a time of tension in the cryptocurrency market, as regulators take the lead against platforms around the world.
Since the US has already sued both Binance and Coinbase in recent days, the case could serve as an example and even reach other countries. It is worth remembering that many do not have specific regulations for the cryptocurrency market.
However, the FATF will soon assess Argentina for technical compliance and effectiveness through face-to-face meetings with each sector.
In this sense, both the FATF and GAFILAT representatives and the CNV authorities agreed that the results of this assessment will not affect the performance of a government or a specific organization, but the development of the financial system of the country and, which will require commitment from both the public and private sectors.
That is, the country is under pressure to implement changes that could shake up the Argentine crypto market.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
