The Argentine government is preparing to regulate cryptocurrency service providers through an executive order from being placed on the Financial Action Task Force's gray list, with oversight by local securities watchdogs a key component of the new regulations.
The Argentine government is reportedly preparing to regulate cryptocurrency service providers with an executive order.
Argentina Will Reportedly Regulate Cryptocurrency Service Providers Via Executive Order
The move would be aimed at keeping Argentina off the Financial Action Task Force (FATF) gray list, placing crypto services lenders under the supervision of the local securities watchdog. Argentina's government is setting its sights on regulating cryptocurrency service providers through an executive order.
According to reports from local media, President Javier Milei will prepare to issue an emergency decree to create a framework that will regulate this operation, placing it under the supervision of the national securities watchdog (CNV).Milei will focus on keeping Argentina off the Financial Action gray list Task Force (FATF), to which the country belonged from 2010 to 2014 due to weak money laundering policies.
The FATF's upcoming visit, programmed to assess the country's money laundering countermeasures, will encourage this action. Under the new decision, all cryptocurrency service providers will have to register with the national cryptocurrency watchdog and operate under a license to be granted by the organization although not based in Argentina.
In addition, they must also provide information to national intelligence units to comply with anti-money laundering laws, force cryptocurrency service lenders to create risk reports and report suspicious movements, thereby leading to consolidation in the crypto environment, considering that cryptocurrency providers large cryptocurrencies in the country will be able to meet these requirements from day one.
This executive order will be issued before March 6, when the FATF will visit the country to evaluate the anti-money laundering measures Argentina has implemented since its last visit.
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