ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners
Unlike financial institutions, in some cases prior authorisation from a state agency is not required to carry out or operate a fintech business. There are also some distinctions from a tax perspec - tive between transactions carried out by or through financial institutions and transactions carried out by or through fintech companies. However, it is likely that such distinctions will gradually disappear. 2.5 Regulatory Sandbox There is no comprehensive or fully established sand - box regime in Argentina, beyond certain isolated or preliminary initiatives. In April 2022, the CNV launched an “Innovation Hub” aimed at those entities with service technology pro - jects and/or innovative financial products that are linked to the capital market. This was to be the first step towards a possible CNV regulatory sandbox, which was ultimately not launched in 2023. In 2024, the Argentine Fintech Chamber, in collabora - tion with the organisation Crecimiento, submitted a proposal to regulate the tokenisation of RWAs through a sandbox. Regulatory agencies (BCRA, CNV and UIF) remain in constant communication with the Chamber and the organisation regarding the proposal, and have shown interest in advancing it. Finally, in June 2025, the CNV launched a regulatory sandbox for the tokenisation of securities, solely as a temporary regime with a one-year duration (see 1.1 Evolution of the Fintech Market ). Upon the expiry of this regime, the CNV will assess its continuation and potential expansion. 2.6 Jurisdiction of Regulators Just as fintech regulations are scattered (as mentioned in 2.2 Regulatory Regime ), so too is the jurisdiction of the regulators involved in the sector. The BCRA The BCRA has jurisdiction over entities engaged in regular intermediation between the supply and demand of financial resources (financial institutions) that fall within the scope of the FEL. It is responsible for the regulation and supervision of monetary policy,
credit policies and exchange control regulations. In addition, the BCRA has competence in payments and can expand its regulatory purview to other activities when deemed necessary, considering the volume of operations and their impact on credit and monetary policies. The CNV The CNV is responsible for implementing the CML. It has jurisdiction and oversight over various areas, including public offerings, brokerage entities, collec - tive investment schemes, and securities exchanges and markets. Also, as mentioned in 2.2 Regulatory Regime , after the issuing of Law No 27,739, the CNV has jurisdiction over and oversees PSAVs. The AAIP Another relevant regulator is the Public Information Access Agency ( Agencia de Acceso a la Información Pública or AAIP), which is the implementing authority of the PDPL. The UIF The UIF is the implementing authority of the AMLL. The SSN The Superintendence of Insurance ( Superintendencia de Seguros de la Nación or SSN) has jurisdiction over the IL, supervising the activities of producers, interme - diaries, and insurance and reinsurance entities. 2.7 No-Action Letters In Argentina, regulators do not issue “no-action” let - ters. 2.8 Outsourcing of Regulated Functions Financial institutions may outsource several functions to third-party vendors. However, this activity is regu - lated by the BCRA, which must be informed of such arrangements and which may carry out inspections of the premises and activities of the vendors. Despite this, the outsourcing of regulated functions does not release a financial institution from its obligations vis- à-vis its clients and the BCRA. Moreover, PSAVs may also outsource functions inher - ent to their activity to third-party vendors, in accord - ance with the regulatory framework established by the
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