Those virtual asset service providers that are not registered “will not be able to operate” in Argentina, according to Roberto Silva, President of Comisión Nacional de Valores.

The rules that cryptocurrency exchanges must meet to operate lawfully in Argentina have started to be implemented by the government.

The Argentine version of a securities regulator, Comisión Nacional de Valores (CNV), said on March 25 that virtual asset service providers would follow the Financial Action Task Force (FATF) guidelines. Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws in Argentina are being reformatted, and one of the changes is that certain businesses providing services related to cryptocurrencies have to register with the government.

On March 14, the senate of Argentina adopted amendments to laws intended to stop money laundering and the funding of terrorism, which advanced the law’s implementation, impacting cryptocurrency providers in that nation. Virtual asset service providers who are not registered “will not be able to operate in the country,” according to CNV President Roberto Silva.

Before Javier Milei’s victory in November 2023, there was a proposal to amend Argentina’s legislation about cryptocurrency users. While many cryptocurrency supporters applauded Milei’s rise at the time for his ostensibly pro-Bitcoin {BTC~ $66,316} comments, many appear to be concerned about the future of digital assets in Argentina due to the FATF standards.

Numerous users of Strike, a well-known software in Argentina that enables Bitcoin payments using the Lightning Network, have complained that the feature no longer permits residents to transfer cash to bank accounts. How the regulations would impact companies doing business in Argentina or clients looking to hire them needs to be clarified. The foreign affairs minister of Argentina stated in December 2023 that contracts might be paid with Bitcoin and other cryptocurrencies.

As part of a Malvinas Day ceremony honoring those who lost their lives in the 1982 Falklands War, Milei made a public speech on April 2.