Implementation of requirements for cryptocurrency exchanges to operate legally in Argentina is being carried out by the country's Comisión Nacional de Valores (CNV), which is similar to a securities regulator. Virtual asset service providers are required to comply with guidelines from the Financial Action Task Force (FATF). Certain businesses that offer crypto services are mandated to register with the Argentine government as part of reforms to Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws.
The progress on the law impacting crypto providers in Argentina advanced on March 14, following the senate's approval of changes to laws aimed at preventing money laundering and terrorism financing. President of CNV, Roberto Silva, stated that unregistered virtual asset service providers will no longer be permitted to operate within the country.
The alteration of Argentina's laws concerning crypto users apparently occurred before Javier Milei won the presidential election in November 2023. While Milei was initially praised by many crypto enthusiasts for his pro-Bitcoin stance, the implementation of FATF requirements has raised concerns about the future of digital assets in Argentina.
Many users of Strike, a popular platform in Argentina for facilitating Bitcoin transactions via the Lightning network, have mentioned that the app now restricts locals from transferring fiat to bank accounts. The impact of these requirements on businesses operating in Argentina or customers intending to utilize their services remains uncertain. In December 2023, Argentina's foreign affairs minister mentioned the possibility of settling contracts in Bitcoin and other cryptocurrencies.
Milei made a public statement on April 2 during a Malvinas Day ceremony commemorating the lives lost in the Falklands War in 1982.
