Argentina Top Financial Regulator Shifts Toward Bitcoin Support After Years of Opposition

Argentina National Securities Commission (CNV) has signaled a major policy shift toward Bitcoin and crypto regulation. After years of cracking down on the sector, the CNV now seeks to boost innovation and include the industry’s input in new regulatory frameworks.

Argentina’s Regulator Shifts Stance on Bitcoin: A Move Toward Crypto Innovation

Argentina’s National Securities Commission (CNV) is reportedly “changing its stance” on Bitcoin (BTC) and the broader cryptocurrency industry. This shift follows years of regulatory crackdowns, but the latest signs point to a more supportive approach from the country’s top financial authority.

From Crackdown to Support: CNV’s Changing Crypto Policy

At the recent Tech Forum held in Buenos Aires on October 19, the CNV’s evolving stance was discussed by industry experts. Many noted the CNV’s previous efforts to investigate and prosecute crypto firms, which cast the regulator in a highly adversarial role. Gonzalo Chiarullo, Director-General of Investment

Promotion and Foreign Trade for the Buenos Aires City Government, highlighted this, saying:

“We all know that the National Securities Commission is, or was, strongly against crypto development.”

However, the current situation is notably different. Chiarullo emphasized that the CNV is now “participating in events” like the Tech Forum, marking a significant change in attitude.

CNV Engages the Industry for Feedback

Alejandro Rodríguez Ariola, a CNV lawyer in the Department of Inspections and Investigations, spoke at the event, calling the CNV’s attendance “a revolutionary step.” He also pointed to an important development: the regulator is actively seeking feedback from the crypto industry as it works on setting up a registry of virtual asset service providers (VASPs).

This registry is part of Argentina’s effort to ensure compliance with the Financial Action Task Force (FATF), a global anti-money laundering body. Rodríguez Ariola stated:

“The idea is for the domestic crypto industry to grow and develop… within the framework of protecting the rights of investors, with clear rules.”

Growing Crypto Interest in Argentina

The CNV’s softened approach mirrors broader trends in Argentina, a country with one of the highest crypto adoption rates in the world. Over recent years, the rise of inflation and economic uncertainty has driven many Argentines to seek alternatives in Bitcoin and other digital assets.

The CNV is working on guidelines for “asset tokenization,” with a focus on security tokens in the initial phase. These steps signal Argentina’s interest in becoming a regional blockchain hub by 2030, in line with its ambitious blockchain strategy.

A Government-Backed Crypto Movement

In addition to regulatory developments, Argentina’s leadership also appears increasingly pro-crypto. President Javier Milei, who spoke at the same event, reflected on the tension between innovation and regulation, quoting Ayn Rand:

“When you realize that in order to produce you must obtain permission from those who produce nothing, then you can see clearly that your society is doomed.”

This growing openness from both the CNV and the executive branch suggests Argentina may soon be at the forefront of the global crypto sector.

Conclusion

With regulatory reforms in the works and an emerging national blockchain strategy, Argentina is taking concrete steps to foster innovation while establishing clear rules for the crypto sector. As the CNV shifts from a restrictive approach to one of engagement and regulation, the future looks promising for the country’s growing crypto industry.

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