BusinessPostCorner.com
No Result
View All Result
Friday, May 23, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Argentina Looks Set to Adopt FATF Crypto Rules

June 29, 2023
in Crypto News
Reading Time: 3 mins read
A A
0
Argentina Looks Set to Adopt FATF Crypto Rules
ShareShareShareShareShare
Source: Alexey Novikov/Adobe

Argentina’s top financial regulator says it wants to adopt the crypto regulations set out by the Financial Action Task Force (FATF), the international money laundering and terrorist financing watchdog.

The comments came from Sebastián Negri, the President of the National Securities Commission (CNV), and were reported by the media outlet Criptonoticias.

Negri spoke of an “urgent” need for “compliance with FATF standards.”

The FATF guidelines have thus far focused mainly on the introduction of anti-money laundering protocols for crypto (virtual asset) service providers, or VASPs.

The guidelines include the much-maligned Travel Rule.

This protocol obliges VASPs to share originator and beneficiary information.

Negri said that Argentina would “be evaluated on its regulatory system and the effectiveness of regulations” in the near future.

The move is likely to be perceived to be another attempt to win approval from the International Monetary Fund (IMF).

Buenos Aires is hoping to secure an IMF financial bailout package this year.

The CNV chief added that a dedicated “crypto law” would likely be unnecessary in Argentina.

And he said all new crypto-related legislation could be included in the clauses of a forthcoming money laundering bill.

Negri said that the CNV was in talks with the Fintech Chamber of Argentina, an organization comprising of domestic crypto exchanges.

The CNV will likely seek to create a registry system for VASPs, who will need to apply for operating permits – another key FATF requirement.

Negri said:

“[Proposed crypto] regulations will be open to public consultation. The definition of a crypto service provider is very broad, ranging from individuals to multinational exchanges. There are different kinds of risk, so we must work on different regulatory requirements.”

FATF-style Crypto Regulations Incoming in Argentina

Authorities in the nation abruptly cracked down on crypto exchanges earlier this year.

 A graph showing Bitcoin prices versus the Argentine peso over the past year.
Bitcoin prices versus the Argentine peso over the past year. (Source: XE.com)

Experts have opined that the move may have been motivated by the government’s keenness to land the IMF package.

Argentina’s inflation figures have continued to spiral upward this year, a factor that has led many to ditch the fiat peso for tokens like USDT and Bitcoin (BTC).

Crypto adoption has gathered pace in part due to the fact that Argentinian banks have attempted to cap foreign currency buying.

In April this year, Bitcoin prices hit an all-time high against the Argentine peso.

Last month, the FATF chief President Raja Kumar called on the G7 to put an end to “lawless spaces” in the financial world and regulate crypto more effectively.

FATF guidelines have already been enshrined into national law in regions like the EU and nations like Japan and South Korea, with others also vowing to follow.


Credit: Source link

ShareTweetSendPinShare
Previous Post

IRS Gives Extra Time To Californians & Others In Disaster Areas

Next Post

Global brands and tech groups back new ads measurement system

Next Post
Global brands and tech groups back new ads measurement system

Global brands and tech groups back new ads measurement system

Ryanair tells flight attendants to repay salary rises

Ryanair tells flight attendants to repay salary rises

May 20, 2025
PEPE Price Prediction: Massive Whale Bet Signals Another Meme Coin Breakout Is Brewing

PEPE Price Prediction: Massive Whale Bet Signals Another Meme Coin Breakout Is Brewing

May 21, 2025
Norwich food bank forced to turn people away due to funding gap

Norwich food bank forced to turn people away due to funding gap

May 23, 2025
GENIUS Act Wins Industry Praise From Blockchain Association As Crypto Sector Awaits Final Vote

GENIUS Act Wins Industry Praise From Blockchain Association As Crypto Sector Awaits Final Vote

May 21, 2025
People danced in the streets of Damascus after Trump vowed to end all sanctions on Syria. His administration is unsure how best to proceed

People danced in the streets of Damascus after Trump vowed to end all sanctions on Syria. His administration is unsure how best to proceed

May 23, 2025
Trump administration bars Harvard from enrolling international students

Trump administration bars Harvard from enrolling international students

May 22, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

Harvard sues to challenge Trump’s international student ban

Harvard sues to challenge Trump’s international student ban

May 23, 2025
XRP Just Entered the Danger Zone — Here’s What Traders Are Watching Closely (XRP Price Prediction)

XRP Just Entered the Danger Zone — Here’s What Traders Are Watching Closely (XRP Price Prediction)

May 23, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!