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The Argentine Chamber of Fintech urged the nation's authorities to enact a law that regulates the cryptocurrency sector, since they argue that "it is necessary", because well over 2 million Argentines have accounts on a crypto exchange.
The Argentine Chamber of Fintech prepared an initiative on virtual assets, which points out the need for financial authorities and the Argentine regime to control the holdings of cryptocurrencies, and argue that a regulation would provide a "balance" between attracting investment and capitalizing on opportunities.
This was stated by the agency in its whitepaper:
"In our criticism, an occasional regulatory rearrangement of the virtual asset services market would require the issuance of a national law, which establishes the basic guidelines and the obligations, responsibilities and powers of each actor."
And an important condition to be able to make a positive interoperability, without arbitrary restrictions of amounts or terms, and in fair conditions for all
However, the Argentine Chamber of Fintech emphasizes that a regulatory rearrangement of virtual assets "would require the enactment of a national law", since they argue that blockchain technology modifies the paradigm of the criterion of "money and value".
In November, the Argentine Regime released "Decree 796/2021", which established the tax on credits and debits in bank accounts and "other operations", including any operation on crypto assets, cryptocurrencies, digital currencies or similar devices.
Argentina, one of the largest adoption of cryptocurrencies in the area
The Argentine Fintech Chamber admits that the adoption of virtual assets in the territory is one of the highest in the world, due to the fact that there are close to 2 million accounts in the territory, plus the accounts opened in foreign exchanges (which are not remain accounted for.
The camera argues this as follows:
“The regulation should be flexible enough to allow the natural evolution of technology, and give it the essential stability for its development. It is essential to mention that this initiative is the result of conversations held with various actors linked to the sector, and contemplates the most current developments in other territories, both within the territory and globally ”.
The chamber's initiative considers that a regulation of virtual assets should be “channeled” in an environment of conversations with all related actors (the chamber, among them), which would be in line with the FATF suggestions and says that other territories have already taken action on the issue, such as Paraguay, Brazil and the United Kingdom
