Argentina’s top financial regulator says it wants to adopt the crypto regulations set out by the Financial Action Task Force (FATF), the international money laundering and terrorist financing watchdog.
The comments came from Sebastián Negri, the President of the National Securities Commission (CNV), and were reported by the media outlet Criptonoticias.
Negri spoke of an “urgent” need for “compliance with FATF standards.”
The FATF guidelines have thus far focused mainly on the introduction of anti-money laundering protocols for crypto (virtual asset) service providers, or VASPs.
The guidelines include the much-maligned Travel Rule.
This protocol obliges VASPs to share originator and beneficiary information.
Negri said that Argentina would “be evaluated on its regulatory system and the effectiveness of regulations” in the near future.
The move is likely to be perceived to be another attempt to win approval from the International Monetary Fund (IMF).
Buenos Aires is hoping to secure an IMF financial bailout package this year.
The CNV chief added that a dedicated “crypto law” would likely be unnecessary in Argentina.
And he said all new crypto-related legislation could be included in the clauses of a forthcoming money laundering bill.
Negri said that the CNV was in talks with the Fintech Chamber of Argentina, an organization comprising of domestic crypto exchanges.
The CNV will likely seek to create a registry system for VASPs, who will need to apply for operating permits – another key FATF requirement.
Negri said:
“[Proposed crypto] regulations will be open to public consultation. The definition of a crypto service provider is very broad, ranging from individuals to multinational exchanges. There are different kinds of risk, so we must
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