Home News Argentine exchanges call for calm in the face of new regulation

Argentine exchanges call for calm in the face of new regulation

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Given the alarm generated in Argentina due to the new regulation that gives way to the creation of a registry of Bitcoin (BTC) and cryptocurrency service providers, the three main exchanges of that country came out to call for calm.

Through a statement sent to the Cryptonoticias editorial team, Alejandro Rotamel, Legal Director of Ripple, assured that the supplier registry, which will be under the control of the National Securities Commission (CNV), This is a “beneficial measure” for the regionBecause local industry will operate “under international standards”.

The manager of Ripio, one of the largest cryptocurrency platforms in Argentina, highlighted this Registration will provide “greater security” to users.

Rotamail reminded that the company “always worked under the commitment to comply with and adopt existing standards globally with Know Your Customer (KYC) and Prevention of Money Laundering and Financing of Terrorism (AML/FT) procedures” Is.”

Similarly, Julian Colombo, leader of Bitso Argentina, opinion was The resolution, which gives CNV the power to regulate the operations of exchanges and other cryptocurrency companies, “This doesn’t change anything for you as a user.”

“The government is not asking us to modify information about users or any service or product. We just have to provide information about the company,” said Colombo in X.

it was something like that resonant From Leman, another great exchange in Argentina. According to that company, ““Nothing changes” for users. And its operations “will remain normal.”

“Our goal will always be to ensure the decentralization and independence of the ecosystem, taking into account the interests of the end user and the companies that create and contribute value to Argentina and the world,” Lemon wrote in a message broadcast on X.

A regulation to bow before FATF

A few days ago this was confirmed by the National Securities Commission of Argentina Will register cryptocurrency service providers, A list under which companies in the region “must be registered so that the CNV knows which companies operate in the country,” explains Colombo of Bitso Argentina.

These rules are in compliance with the amendment of the Money Laundering Law in the Argentine Senate. A legislative move resulting from pressure from the Financial Action Task Force (FATF), Sent a delegation to that country a few weeks ago.

Although it is true that registration applies to exchanges and similar platforms, and although the exchanges deny any influence on users; There are also people who believe the opposite And they point out that there will be increased surveillance on cryptocurrency investors in Argentina.

This is the case of lawyer Ana Ojeda, executive director of the law firm Legal Rocks. Analyzing the situation, he said that if Argentines decide to use a local exchange or platform, which must be registered with the regulatory body, they will be more closely monitored by the CNV.

According to what the lawyer said, the cryptocurrency companies included in the registry, They will “keep a close eye” on the organization., ,

In that line of thought, Ripio’s Alejandro Rotamel called for regulation Does not constitute a “hindrance to the development of the area”, He believes that “excessive or unfair” regulation could push users “towards informality”.

“That will significantly harm the ecosystem of millions of users and over 300 local companies that create thousands of jobs in the fintech sector,” he said.

Therefore, he says Ripple supports “intelligent regulation” that can “encourage the growth of the industry and protect the interests of users.”

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