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Regulatory Landscape for Fintech and Digital Assets in Argentina

The regulatory environment for fintech and digital assets in Argentina is rapidly evolving, with various government agencies issuing regulations and guidelines that impact industry stakeholders. In this article, we’ll explore the current landscape and what it means for companies operating in these spaces.

Payment Service Providers (PSPs) Regulations

The Central Bank of Argentina has issued regulations governing PSPs, including Payment Service Provider Operating Cooperatives (PSPOCPs). However, these regulations have sparked controversy among industry stakeholders due to concerns about complexity and potential over-regulation.

  • Some key points from the PSPOCP regulations include:
    • Requirements for PSPs to obtain authorization from the Central Bank
    • Rules governing transactions, including payment card issuance and settlement
    • Compliance obligations for PSPs, such as anti-money laundering (AML) and know-your-customer (KYC)

Digital Currencies and Income Tax

Profits generated from digital currencies are subject to income tax under the Argentine Income Tax Law. The Central Bank has implemented measures to regulate and supervise financial transactions involving digital currencies, including:

  • Requirements for reporting transactions involving digital currencies
  • Guidelines for PSPs handling digital currency transactions

The UIF (Unidad de Información Financiera) has also issued resolutions to regulate the use of digital currencies.

Crowdfunding Platforms and Public Offerings

The CNV (Comisión Nacional de Valores) has implemented regulations regarding public offerings of securities and crowdfunding platforms. Industry stakeholders should be aware that:

  • Any individual or legal entity participating in a public offering without authorization from the CNV may face administrative sanctions
  • Crowdfunding platforms are now considered reporting parties with the UIF

Conclusion

The regulatory landscape for fintech and digital assets in Argentina is complex and rapidly evolving. To avoid non-compliance risks, industry stakeholders must stay informed about changes in regulations and guidelines.

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