The Argentine National Securities Commission (CNV) Establishes New Regulatory Framework for Virtual Asset Service Providers
The National Securities Commission (CNV) has issued General Resolution No. 1058, which describes the requirements for the registration Virtual Asset Service Providers (VASPs) before CNV and readjustments that for those VASPs already registered. The primary objective of this regulation is to ensure consumer protection, information security, the prevention of money laundering and terrorist financing, as well as to promote stability and transparency in the virtual asset market.
Definition and Registration of VASPs
This definition includes activities such as the exchange of virtual assets and currencies, the transfer of virtual assets, and the custody and administration of these assets, among others.
Registration Requirements
Individuals and legal entities engaging in activities covered by the VASP definition must register in the “VASPs Registry” enabled by the CNV before commencing such activities.
Provides the deadline and conditions that already registered VASPs shall compy with to readjust to the new requirements.
Categories and Minimum Net Worth
VASPs must identify the categories corresponding to their activities, which range from the exchange between virtual assets and currencies to the custody and administration of virtual assets. The minimum net worth requirements vary by category, with amounts ranging from USD 35,000 to USD 150,000.
Security and Custody of Assets
VASPs must ensure the security, integrity, and availability of the virtual assets under their administration by implementing secure custody systems and cybersecurity measures.
Prevention of Money Laundering and Terrorist Financing
VASPs must comply with provisions related to the prevention of money laundering and terrorist financing, including the implementation of “know your customer” (KYC) policies.
Transparency and Consumer Protection
The regulation establishes transparency and conduct obligations for VASPs, including the provision of clear and truthful information to clients, risk management, and the implementation of customer service and complaint management mechanisms.
Reporting and Audits
VASPs must submit periodic reports to the CNV, including annual audits of systems and financial statements. Additionally, they must appoint a Regulatory Compliance and Internal Control Officer, as well as a Customer Relationship Officer.
Sanctions and Cancellation of Registration
Non-compliance with the regulation will be sanctioned in accordance with the provisions of Law No. 27,739. The CNV may cancel the registration of VASPs in cases of non-compliance or at the request of the VASP itself.
Effective Date
General Resolution No. 1058 will come into effect 45 days after its publication in the Official Gazette of the Argentine Republic. Domestic legal entities have until August 1, 2025, to submit the required information and documentation, while foreign legal entities must do so by September 1, 2025.
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