The Argentine Central Bank imposes restrictions on Payment Service Providers in connection with digital asset transactions

By means of Communication “A” 7759 dated May 4, 2023, the Argentine Central Bank (the “BCRA”) established that payment service providers that offer payment accounts (“PSPCP”) may not perform, or facilitate the performance by their clients, of transactions involving digital assets (including cryptoassets and those assets providing yields based on the variations registered by such cryptoassets) not authorized by a competent national regulatory authority or by the BCRA.

Additionally, through a press release of the same date, the BCRA mentioned that Communication “A” 7759 “(…) prevents PSPCPs from carrying out these types of transactions themselves and from offering their clients to initiate such transactions through their applications or web platforms.”

Likewise, the BCRA clarified that “offering or facilitating means making automated purchase buttons available to the user”, and that the clients interested in performing crypto-trades must perform such operations on their own.

You may access Communication “A” 7759 by clicking on the following link: https://www.bcra.gob.ar/Pdfs/comytexord/A7759.pdf

The press release is available at: https://bcra.gob.ar/Noticias/proveedores-servicio-pago-no-pueden-operar-criptoactivos.asp

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