The Argentine securities regulator has just opened an innovation center to discuss regulated crypto investments.
The National Securities Commission (CNV), which is Argentina’s securities regulator, launched an innovation center with the aim of promoting conversations about cryptocurrencies and fintech investments, fintech. This organization will serve as a link between private entities and the institution, to advance new fintech and crypto-regulated instruments in the market.
Argentine media reported that this creation is due to the fact that the National Securities Commission is taking measures to speed up the arrival on the market of new investment instruments based on financial technology and cryptocurrencies.
In addition, the innovation center will link private investors with regulators, to exchange information on the requirements that these products must meet to be launched on the market.
Andrés Consentino, president of the CNV, was optimistic about the future of this initiative and stated:
We are being proactive in the context of the emergence of crypto assets and fintech, to work together with the sector and generate a regulatory and policy framework in this regard.
One of the main concerns behind this new hub, and one of the motivations for its launch, is the number of cryptocurrency scams that have occurred in the country since crypto adoption peaked. On this subject, Consentino stated:
This initiative also aims to improve the investor protection framework against phenomena of quite unfortunate circumstances that usually occur.
Likewise, there are two objectives behind the regulation of investments in cryptocurrencies in the country according to local sources. One is the protection of investors looking to put funds into crypto markets by launching regulated products. Another is the benefit that the national tax agency could have is that it could improve tax collection as a result of user earnings with crypto investment.
Furthermore, this innovation hub could usher in the new era of regulated crypto investment products in Argentina, opined Andrés Ponte, president of Matba Rofexinvestment brokerage company.
5 work areas
The center will have five work actions:
- The Innovation Hub.
- Internal training on topics such as fintech, crypto assets and decentralized finance.
- Addressing the misleading advertising of alleged investment service providers.
- Regulation of the private offer.
- Work so that in 2023 a regulatory sandbox can be launched, an experimentation space in which projects can be tested.
Also, it is worth remembering that in March the Senate of the Argentine Republic yesterday approved a loan agreement to refinance the debt of USD $45 billion with the International Monetary Fund (IMF)which is also linked to a provision that discourages the use of cryptocurrencies in the country.
Likewise, also in March it was reported that the Financial Information Unit (UIF) of Argentina is working to include companies in the digital asset industry to the list of entities subject to anti-money laundering reporting requirements.
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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.