Regulation of Cryptocurrency Activities in Argentina
Since 2024, cryptocurrency regulation in Argentina has undergone significant changes to enhance oversight, combat money laundering, and prevent terrorist financing. In March 2024, Law No. 27,739 was enacted, officially integrating Virtual Asset Service Providers (VASPs) into the country’s legal and financial framework. Under this law, all VASPs must register with the National Securities Commission (Comisión Nacional de Valores, CNV).
Why Choose Argentina for Crypto Business?
- Favorable regulatory environment with clear guidelines for crypto businesses.
- Fast-track registration process compared to other jurisdictions.
- Cost-effective registration with a low capital requirement.
- Growing crypto adoption in Argentina, making it a promising market.
- No specific licensing, only registration, simplifying compliance procedures.
- Strong government support for blockchain and fintech innovations.
- Access to a rapidly expanding Latin American market.
Key Requirements for VASP Registration in Argentina
Legal Entity Formation
- Companies must establish a legal entity in Argentina.
Operational Presence
- A physical office is not mandatory, but maintaining a virtual office is recommended for compliance.
Capitalization
- Minimum share capital required: $6,000 USD.
Compliance Framework
- Appointment of a Compliance Officer & Alternate Compliance Officer.
- Registration with the Financial Intelligence Unit (Unidad de Información Financiera, UIF).
- Implementation of AML (Anti-Money Laundering) procedures & transaction monitoring.
- Ongoing compliance reviews and risk assessments.
Reporting Obligations
VASPs must submit regular reports, including:
- Monthly payroll reports.
- Annual financial statements.
- Tax returns.
- AML reports for suspicious transactions.
- Customer KYC (Know Your Customer) documentation.
VASP Registration Process & Timeline in Argentina
Stage 1 (2-3 weeks)
- Establish a domestic Limited Liability Company (LLC) to apply for VASP registration.
- Prepare and submit the required documents, including company incorporation details.
Stage 2 (4-6 weeks)
- Submit the company’s application to the National Securities Commission (CNV).
- Undergo background checks and regulatory review.
Stage 3 (4-6 weeks)
- Upon successful registration, the company can apply for corporate bank accounts and commence operations.
- Fulfill ongoing compliance obligations.
Total estimated registration time: 2 to 3.5 months (depending on document submission speed).
Impact on International VASPs
Foreign Virtual Asset Service Providers (VASPs) conducting 20% or more of their turnover in Argentina must register with CNV. This ensures all companies operating in Argentina comply with national AML and financial laws, regardless of their country of incorporation.
Failure to register may lead to regulatory penalties, operational restrictions, or enforcement actions.
Activities Covered Under VASP Registration
According to Law No. 27,739, the following activities require VASP registration:
- Exchange of virtual assets for fiat currencies.
- Exchange between different types of virtual assets.
- Transfer of virtual assets.
- Custody & administration of virtual assets.
- Financial services related to the issuance/sale of virtual assets.
- Initial Coin Offerings (ICOs) and tokenized asset issuance.
- Crypto-based remittance services.
Note: Argentina’s VASP framework is a registration, not a full-fledged licensing process, making it simpler and faster than other jurisdictions.
Expedited Market Entry: Ready-Made VASPs
For companies looking for faster entry into the Argentine crypto market, acquiring a pre-registered VASP is an option. Ready-made registered entities are available for purchase depending on availability.
Advantages of acquiring a pre-registered VASP:
- Instant operational capability.
- Pre-approved compliance framework.
- Reduced waiting time for registration.
- Easier access to banking services.
Regulatory Landscape and Government Support
Argentina has demonstrated strong government interest in supporting blockchain technology and crypto adoption. Several government-backed initiatives focus on:
- Encouraging financial innovation and fintech startups.
- Developing a clearer framework for decentralized finance (DeFi).
- Facilitating cross-border payments and remittances via crypto.
Argentina’s central bank and financial regulators continue to adapt policies to balance innovation with financial security, making it an attractive destination for crypto businesses.
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