The Argentine Fintech Chamber of Commerce is a membership organization whose goal is to lead the digitalization and modernization of the financial services industry. It has issued a series of recommendations for the country’s upcoming virtual asset supervision. The proposed framework requires the government to follow FATF recommendations and requires a clear definition of virtual assets and virtual asset service providers (VASP).

Argentine Fintech Chamber of Commerce attaches great importance to supervision

The Argentine Fintech Chamber of Commerce, a group committed to modernizing the structure of financial service providers, Express your opinion Regarding how the Argentine government should supervise cryptocurrency assets in the future. The proposal takes into account the increase in the use of these assets in the country and identifies a series of key issues. According to the organization, these issues should be followed to better regulate cryptocurrencies.

The first mentioned the need to follow the committee’s recommendations. Financial Action Task Force (Financial Action Task Force), because Argentina is part of the group, it will monitor the country’s status with respect to these and other recommendations.

The proposal also addresses the need to define the concept of virtual assets and virtual asset service providers (VASP). The document states:

[These definitions] It should be based on a broad enough concept to cover emerging new technologies and related activities and services.

Another suggestion is related to the legality of activities involving virtual assets. According to the text, the law should also clearly define encryption rules, because it will allow parties using these virtual assets to open bank accounts without being isolated from the traditional banking industry.This will help VASP avoid being excluded happened In some countries before.

Argentina still lacks clear crypto regulation

The Argentine Fintech Chamber commented that although the adoption of cryptocurrencies is booming in the country, there is no specific regulation, but it appreciates the “regulatory procedures that will be launched at the regional and global levels”, which prompted it to make these recommendations.

The theme of cryptocurrency has reached the highest level in the country. In August, the current President of Argentina Alberto Fernandez, statement He is open to the use of cryptocurrency as legal tender in the country. However, he also stated that this subject is “unknown” to him.At the regional level, some regions have approved some laws that cryptocurrency users must pay tax Because they are considered international currencies, they hold cryptocurrencies.

What do you think of the recommendations of the Argentine Fintech Chamber of Commerce regarding the regulatory framework for cryptocurrencies? Tell us in the comments section below.

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