Argentine Fintech Chamber suggests regulation of cryptocurrencies-

The Argentinian FinTech Chamber, a member-based organization, the aim of which is to advance the digitization and modernization of the financial services industry, has published a number of recommendations for the upcoming regulation of virtual assets in the country. The proposed framework calls on the government to follow the FATF's recommendations and calls for a clear definition of virtual assets and virtual asset service providers (vasps).

Argentinian fintech chamber is committed to regulation

The Argentinian Fintech Chamber, a group that works for the modernization of the structure of financial service providers, will regulate cryptocurrency plants in the future. The proposal, which takes into account the increasing use of these assets in the country, specifies a number of key questions that the group believes to better regulate the cryptocurrency.

The first of you mentions the need to recommend the recommendations of the Fatf (Financial Action Task Force), since Argentina belongs to this group and the status of the country is monitored in relation to these and other recommendations.

The proposal also deals with the need to define the concepts of virtual assets and virtual asset service providers (vasps). The document says:

[Thesis Definitions] should be based on concepts that are wide enough to cover the constantly emerging new technologies as well as the associated activities and services.

Another recommendation concerns the legality of activities with virtual assets. According to text, crypto rules should also be explicitly defined in the law, since parties that use these virtual assets would enable bank accounts to open without being separated from the traditional banking sector. This would help vasps not to be excluded as before before.

Argentina is still missing a clear crypto regulation

The Argentine Fintech Chamber notes that the introduction of cryptocurrencies in the country flourishes without specific regulation, but welcomes them "the beginning of an upcoming regulatory process at regional and global level", which caused them to make these recommendations.

The topic of cryptocurrency has reached the country's highest level. In August, Alberto Fernandez, the current president of Argentina, that he gave it open to the introduction of Cryptocurrencies are a legal means of payment in the country. However, he also stated that the topic was "unknown". At the regional level there are already some laws in selected regions in which cryptocurrency users have to pay Control for their crypto stands because they are considered international currencies.

What do you think of the recommendations of the Argentine FinTech chamber for a framework for regulatory framework for cryptocurrencies? Tell us in the comment area below.

sergio goschenko

sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late at the game and entered the cryptosphere when the price increase took place in December 2017. With a background in computer technology that lives in Venezuela and is affected by the cryptocurrency boom at the social level, it offers a different view of the crypto success and how it helps the non-banks and under-sector.

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