By whom was this article written? marcos zocaro, Argentinian tax expert, university professor, and author of numerous articles and several books, including cryptocurrency manuals. He is also a member of the NGO Bitcoin Argentina.
In mid-March 2024, Argentina approved significant amendments to anti-money laundering regulations, which have a significant impact on the local crypto ecosystem. This regulation was expected by many industry players and rejected by others, but what is it about? Does it affect the end user? What rules apply to companies?
Virtual Asset Service Provider
For the purpose of complying with the Financial Action Task Force (FATF) guidelines, the new text of Law 25,246 includes a definition of “Virtual Asset Service Provider” (PSAV), which includes natural and legal personsWhenever they perform, As a business and not sporadically, of course Activities within the cryptoasset industry.
Among these activities are, for example: the custody and/or buying and selling of virtual assets.
Thus, Argentine law qualifies as a PSAV, for example, a natural person who is dedicated to, “As a business”, for buying and selling cryptocurrencies. That is, it does not apply to any one person, but to all those who carry out the activity professionally and regularly.
PSAV Registration
On March 25, the National Securities Commission (CNV) created the PSAV Registry through General Resolution 994/2024: natural and legal persons, residents and residents are required to register in this registry. in Argentina or outsideWho carry out one or more of the PSAV activities.
However, there is one exception: registration in the PSAV registry maintained by the CNV shall not be mandatory unless the PSAV, in order to carry out its activities, receives in excess of a monthly sum of approximately US$25,000 (the amount to be updated from time to time. Will) ). In this way, it was intended to exclude most individuals and small companies from this liability.
And at this point a question arises: does this amount of operations include the total number of operations or only the income contained in the PSAV? For example, if a PSAV is a commission agent who buys and sells virtual assets on behalf of, and at the request of, third parties, it charges a small commission for its service: whether it is paid only for the amount of the commission or for the turnover. Should the total amount spent be considered?
This registry, under the class of CNV, is simply a “registry” where PSAVs must be registered; “Crypto License” does not configureWhich may be established in the near future.
Also, the rule establishes that there is an obligation to register in the registry as well applicable to foreign topic Which carries out any PSAV related activities in Argentina. and it shall be deemed that the said subject carries on any of the following activities in Argentina when:
- Use any “.ar” domain to run your activities.
- Argentina has a “fiat ramp” that allows you to receive money or assets from Argentine residents to complete activities.
- Have a clear address for residents of Argentina.
- Advertise clearly to residents of Argentina.
- Your turnover in Argentina is more than 20% of your total turnover.
For example, a crypto exchange based outside Argentina that advertises commercially to Argentine residents must be registered in the registry.
and here is one 45 day period The entry into force of this resolution so that PSAVs that are already active in the country request registration in the registry; But there is no such period for new PSAVs, rather they have to be registered in the registry before they start operating.
Information arrangement with FIU and other obligations
Similarly, these regulations add to the Regulation on the Entity Financial Information (UIF) and its brand new Resolution 49, which sets, among other obligations, minimum requirements for the identification, valuation, monitoring, governance and mitigation of risks of funds. Installs. The Prevention of Laundering and Financing of Terrorism must adopt PSAVs registered in the Registry.
Additionally, registered PSAV is required Submit a series of reports to the FIU, For example, one of these is “Report of operations conducted with virtual assets”, where all operations conducted with virtual assets equal to or greater than an amount of approximately US$1,100 are reported (the amount being subject to change from time to time Will be updated on).
Finally, it is important to highlight that in Argentina there is already an information system in place for this sector, with a very low minimum amount, but implemented by the National Treasury.
what’s coming
Although these regulatory developments already have a high impact on the Argentine crypto industry, it is likely that, in the near future, in another similar column for CriptoNoticias, we will analyze new regulatory reforms for the sector.
Disclaimer: The views and opinions expressed in this article are those of its author and do not necessarily reflect those of CriptoNoticias.
