Argentina Finalizes Crypto Regulations, Setting Compliance Deadlines for VASPs

Argentina's National Securities Commission (CNV) finalized regulations for Virtual Asset Service Providers (VASPs) on March 13, impacting crypto exchanges and platforms facilitating digital asset transactions. General Resolution No. 1058 imposes obligations on registration, cybersecurity, asset custody, money laundering prevention, and risk disclosure. The goal is to ensure transparency and user protection. VASPs must separate company and client funds, undergo annual audits, and report monthly to the CNV. Registered entities have deadlines to comply: July 1 for individuals, August 1 for Argentine companies, and September 1 for foreign companies. Non-compliance may result in revoked registrations or court-ordered blocks. Since 2024, registration with the PSAV has been mandatory. These regulatory moves follow increased crypto adoption in Argentina, driven by the peso's depreciation. An October Chainalysis report indicated Argentina surpassed Brazil in crypto inflows, reaching approximately $91 billion between July 2023 and June 2024.