The Argentinian Fintech Chamber Speaks Out on Regulation
The Argentinian Chamber of Fintech, a body dedicated to the modernization of financial service providers’ structures, has offered its opinion on how the Argentinian government should regulate bitcoin assets in the future. The plan proposes some major concerns that, as per the group, should be followed to govern cryptocurrencies better, taking into consideration the surge in the use of digital assets in the nation.
The first emphasizes the need to adhere to FATF (Financial Action Task Force) guidelines since Argentina is a member of this organization, which will monitor Argentina’s compliance with these and other recommendations.
The proposal also addresses the necessity for virtual assets and virtual asset service providers to be defined (VASPs). According to the publication,
[These definitions] should be based on concepts broad enough to cover the new technologies that are constantly emerging, as well as the activities and services related to them.
Another suggestion concerns the legality of virtual asset-related operations. According to the document, Crypto regulations should also be fully stated in the legislation since this would enable parties that utilize virtual assets to create bank accounts without being separated from the regular banking industry. In addition, this would aid VASPs in avoiding exclusion, as has occurred in the past in various nations.
Argentina still lacks a clear cryptocurrency regulatory framework
While bitcoin usage has prospered in Argentina without formal regulation, the Argentinian Chamber of Fintech respects the start of an imminent regulatory process at both the regional and global levels, which drove it to submit these proposals.
The topic of cryptocurrencies has risen to the top of the national agenda. For example, Argentina’s current president, Alberto Fernandez, announced in August that he was open to adopting cryptocurrency as legal cash. However, he did say that the issue was unknown to him. On a regional level, certain laws have already been passed in some areas requiring digital currency users to pay taxes on their digital currency assets since they are deemed international currencies.