Argentina’s CNV has introduced resolution 1058, setting new compliance rules for VASPs, focusing on asset segregation and enhanced risk disclosure. This follows Law 27.739, positioning CNV as the oversight body. The resolution aims to improve regulation while ensuring industry innovation is not stifled, but raises concerns regarding crypto taxation.
On March 13, 2023, the Argentine Securities Regulator (CNV) introduced resolution 1058, establishing a new regulatory framework for Virtual Asset Service Providers (VASPs). This initiative follows the enactment of Law 27.739, which designated the CNV as responsible for overseeing VASP activities in Argentina. The new compliance requirements aim to enhance regulatory oversight and align with international standards.
The resolution mandates more rigorous documentation, security plans, and reserve fund levels tailored to different types of VASPs. Additionally, it requires VASPs to inform users about the risks tied to their operations, thereby improving transparency and user protection. It also revises existing Anti-Money Laundering (AML) and Terrorism Financing (TF) policies to align more closely with the Financial Action Task Force’s standards.
A significant addition to the regulatory framework is the requirement for customer-exchange asset segregation, ensuring that client funds are distinct from the assets owned by exchanges. This measure aims to protect customers and prevent situations similar to the FTX collapse. Although this requirement was considered in Brazil’s recent crypto law discussions, it was ultimately not included over innovation concerns.
Roberto Silva, CNV President, emphasized that the regulation was developed with input from key stakeholders in the crypto industry, stating that they “worked hard on this regulation with the goal of making it effective and complying with the law.” However, some industry insiders have expressed concerns regarding a lack of clarity on crypto tax matters, asserting that digital assets face unequal treatment compared to traditional investments.
The new regulation is set to take effect on December 31, 2025, allowing VASPs time to comply with these enhanced operational requirements.
Argentina has taken significant steps to strengthen its regulatory framework for virtual asset service providers through resolution 1058, which aims to enhance compliance and user protection. With new requirements for customer-exchange asset segregation and comprehensive disclosure measures, the CNV strives to align with international standards. Nonetheless, the absence of clear guidelines on crypto tax remains a concern for industry stakeholders as the effective date approaches.
Original Source: news.bitcoin.com
