Argentinian Regulator to Propose Anti-Money Laundering Measures for Crypto Firms – Bitcoin News


The Argentine anti-money laundering regulator is reportedly working to force crypto companies to report their moves and take AML resources on Argentine soil. The regulation could be ready for approval this year, according to local media. This could be a consequence of the recent demand approved in the agreement the country made with the International Monetary Fund (IMF).

Argentine Exchanges May Report Transactions Later This Year

The Argentine money laundering guard is taking crypto transactions seriously. The Financial Information Unit (UFI), which is the anti-money laundering regulator in the country, is working include cryptocurrency companies and exchanges that operate on Argentine soil as entities that will have to report to the local authority, according to local media.

It is expected that the regulation will be ready for publication this year, which means that crypto companies will have to create anti-money plans and report suspicious transactions to the said organization in order to comply with the forthcoming measures. This could complicate the regulatory landscape in the country for companies that offer crypto-related custody and business services, as well as for companies considering entry into the Argentine crypto currency market.

So far, these companies have only had to comply with a rule that was approved in 2019 regarding tax reporting.

IMF-Powered Measures

To some key figures in Argentina’s cryptocurrency world, this is a natural consequence of the demand introduced in the country’s recently approved agreement with the International Monetary Fund (IMF) to renegotiate its $ 45 billion debt. dollars. The IMF called on the nation to “discourage the use of cryptocurrencies in preventing money laundering and informality.”

Among these key figures is Ignacio Carballo, who is the director of UCA, a fintech and digital bakery firm, who criticizes the impact these measures and calls could have on local exchanges. On the subject, he declared:

The only thing that seems very debatable to me is ‘disintermediation’, because it is an unstoppable phenomenon in the world. I don’t think it’s about forcing it, but rather that we should take care of and protect the already unstoppable ‘decentralization’.

Carballo added that this could cause users to use more decentralized alternatives, which include P2P exchanges, increasing the risks of being victims of fraud in the process.

Rodolfo Andragens, president of Bitcoin Argentina, Argentine bitcoin nonprofit, also thinks that this resolution to discourage the use of crypto is pointless. He stated:

It’s like trying to discourage the use of dollars to avoid money laundering. It makes no sense: cryptocurrencies should not be discouraged for that purpose, but rather have control over the spaces that are bought and sold.

What do you think of the new regulations that the Argentine money laundering regulator is working on? Tell us in the comments section below. '

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price hike occurred in December 2017. Having a computer engineering background, living in Venezuela, and being affected by the cryptocurrency boom on a social level, he offers a different point of view. on crypto success and how it helps the unbanked and underserved.

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