New Regulation for Virtual Asset Service Providers in Argentina

On October 17, 2024, the Argentine Securities Commission (CNV) issued General Resolution RG 1025, which addresses different regulatory aspects of Virtual Asset Service Providers (VASPs). This regulation was submitted to public consultation to receive comments and contributions from the sectors involved and from the public.

The CNV issued this regulation by virtue of the powers granted on articles 37 and 38 of Law 27739, which established that the CNV would be the authority in charge of supervising and regulating VASPs.

This proposed regulation aims to deepen VASPs’ registration requirements—which RG 994/2024 had already introduced (see our news on this matter here) —as well as to introduce new guidelines by:

1.    Expanding the documentation required for VASP registration. 
2.    Establishing the categories of VASPs activities and their considerations.
3.    Setting minimum net worth requirements depending on the VASP category. 
4.    Introducing cybersecurity measures to protect user information, detect security incidents, and recover from cyberattacks, among others.
5.    Regulating transparency and investor protection obligations.

This Resolution reflects, on the one hand, the CNV's collaborative approach when regulating PSAVs and, on the other, a significant step towards the formalization and supervision of the virtual asset sector in Argentina.