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Argentina Regulator ‘Changing Its Stance on Bitcoin’

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Argentina’s top financial regulator is “changing its stance on Bitcoin (BTC),” a report has claimed, after the National Securities Commission (CNV) attended a local crypto-themed summit.

The Spanish-language media outlet Criptonoticias reported that experts have noted a shift in policy from the CNV.

They say the regulator once favored cracking down on the BTC and crypto industry. But now it seems ready to “boost” the sector, they added.

Argentina Regulator: A Crypto U-Turn?

The experts spoke in the wake of the Tech Forum. This high-profile crypto industry event was held in the capital Buenos Aires on October 19.

Was fascinating listening to @JMilei in Argentina, the world's first liberal libertarian president – I wish him luck, and the great ICP HUB over there is expanding. I also caught up a little with @IOHK_Charles (we last spoke in 2014).
Now back working on #ICP x AI tech 🙂 pic.twitter.com/2np5DkTLvU

— dom.icp ∞ (@dominic_w) October 22, 2024

Gonzalo Chiarullo, the Director-General of Investment Promotion and Foreign Trade at the Buenos Aires City Government, moderated the conference. He said:

“We all know that the National Securities Commission is, or was, strongly against crypto development.”

Chiarullo noted that “many” Argentine crypto sector officials present at the event had previously “had to face” CNV-led “investigations and even criminal cases” in the past.

However, Chiarullo added that the current “situation” was “different,” with the CNV “innovating in the regulatory sphere” and “participating in events such as Tech Forum.”

A Revolutionary Step

Alejandro Rodríguez Ariola, a CNV lawyer from the Department of Inspections and Investigations, attended the conference. He responded, saying:

“Indeed, the fact that the CNV is here is already a revolutionary step. We are attending all such similar events. […] That gives you the indication – the proof – that we are in favor of innovation and technology.”

Argentina’s largest private bank expects loans this year to surge in its portfolio, an incipient sign of economic recovery as Javier Milei stamps out triple-digit inflation https://t.co/MYjQBX27WL

— Bloomberg (@business) October 22, 2024

Rodríguez Ariola added that further evidence of this shifting stance could be seen in the fact that the CNV has asked the industry for its feedback on proposals for a forthcoming registry of virtual asset service providers (VASPs).

The CNV is determined to make Argentina’s crypto sector Financial Action Task Force (FATF)-compliant.

But Rodríguez Ariola insisted that the fact that the regulator wanted crypto industry feedback was an important move.

“[Opening our proposals to public consultation] is very important. We want to hear the industry’s thoughts. That will help ensure the regulation is perfected.”

Alejandro Rodríguez Ariola, lawyer with the the CNV, the top Argentina Regulator

Important Industry

The lawyer went on to call the crypto industry “very important.” He explained:

“The idea is for [the domestic crypto industry] to grow and develop. But we always want to ensure that is done within the framework of protecting the rights of investors, with clear rules.”

Rodríguez Ariola added that the sector needed “intelligent regulation” to prevent traders from drifting toward “unregulated” service providers.

Alejandro Rodríguez Ariola, a lawyer at the Department of Inspections and Investigations, National Securities Commission (seated, second from left), speaks at the Tech Forum summit in Buenos Aires on October 19.
Alejandro Rodríguez Ariola, a lawyer at the Department of Inspections and Investigations, National Securities Commission (seated, second from left), speaks at the Tech Forum summit in Buenos Aires on October 19. (Source: CNV Argentina/X)

There was also news for firms and traders outside the world of Bitcoin and altcoins. The CNV official said that the regulator was “working on” guidelines for “asset tokenization.”

“This will include security tokens in its first stage,” Rodríguez Ariola explained. He added:

“We will [likely] leave real-world assets (RWA) regulation for a later date. But I do not rule it out. It is one of the topics we are currently discussing.”

Presidential Interest

Another attendee was quoted as noting that regulators’ recent ruling that companies can be founded using crypto as founding capital was also “something to highlight and celebrate.”

In July this year, the General Inspection of Justice (IGJ), the body that oversees company registration in Argentina, approved the founding of a firm whose capital is partially made up of Bitcoin and USD Coin (USDC) holdings.

“The IGJ’s resolution has made it possible to create companies with crypto capital contributions. Until recently, people would have called an idea like this crazy.”

Teófilo Beato, Head of Public Affairs at Crecimiento Argentina

The executive is eclipsing the CNV’s newfound BTC “keenness,” however.

President Javier Milei also attended the conference, where he spoke in philosophical terms about the eternal struggle between innovators and regulators.

🇦🇷👍 | El presidente Javier Milei (@JMilei) habló sobre los nuevos robots que lanzó Elon Musk con su empresa Tesla: "Al margen de mi admiración profunda por Elon Musk, ¿Vieron el gesto que hace Optimus? Ahora lo quiero un poquito más". pic.twitter.com/Dv1pT7wPXe

— La Derecha Diario (@laderechadiario) October 19, 2024

“As Ayn Rand said, when you realize that in order to produce you must obtain permission from those who produce nothing, then you can clearly that your society is doomed.”

Argentine President Javier Milei

Earlier this month, Milei’s Vice President Victoria Villarruel met with El Salvador’s President Nayib Bukele.

Villarruel said she spoke to Bukele about Bitcoin and asked him to tell her more about how the country adopted the token as legal tender.

The post Argentina Regulator ‘Changing Its Stance on Bitcoin’ appeared first on Cryptonews.

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