ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners
6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms In addition to the traditional exchanges and markets regulated by the CML and the CNV resolutions, there are emerging crowdfunding businesses, such as crowdfunding platforms connecting borrowers with lenders, and a significant number of crypto-asset exchanges. As mentioned in 2.2 Regulatory Regime and 4.4 Syn- dication of Fiat Currency Loans , only equity crowd - funding and crowdlending have been expressly regu - lated. The remaining crowdfunding business models fall within the scope of the general provisions of the CCC, among other regulations. With respect to crypto-asset exchanges, see 6.3 Impact of the Emergence of Cryptocurrency Exchanges . 6.2 Regulation of Different Asset Classes See 6.1 Permissible Trading Platforms , 6.3 Impact of the Emergence of Cryptocurrency Exchanges and 10.3. Classification of Blockchain Assets . 6.3 Impact of the Emergence of Cryptocurrency Exchanges As stated in 1.1 Evolution of the Fintech Market and 2.2 Regulatory Regime , PSAV businesses were regu - lated by the pre-existing general rules of the CCC, the CPL, the PDPL and the DSL, among others. In 2024, the regulation of these businesses underwent a series of changes, among other things through the enactment of Law No 27,739 that modified the AMLL, defined the concepts of AV and PSAV, designated the PSAVs as obligated entities before the UIF, and cre - ated a PSAV Registry under the CNV. In this context, the CNV and UIF issued Resolutions No 994/24 and 49/24, respectively, to regulate the provisions of Law No 27,739. Later, with the issuance of CNV Resolution No 1058 in 2025, the CNV further strengthened and expanded the regulatory framework applicable to PSAVs and their obligations. Among the requirements imposed
During 2022, the BCRA also established special authentication and cybersecurity requirements for PSIs and PSPCPs, stipulated special responsibilities with regard to consumer protection for the companies involved in these businesses, and required the entire financial industry to implement certain anti-fraud measures. Many of these measures were strength - ened and reinforced for all PSPs during 2023. In 2023, the BCRA regulated new roles of PSPs and required these players to register. The roles are acquir - ing, aggregation or sub-acquiring, and non-bank agencies that collect payment of taxes and/or ser - vices. In addition, in 2023 and 2024, the BCRA reinforced the interoperability of QR codes by extending them to credit cards. 5.2 Regulation of Cross-Border Payments and Remittances Argentina has a series of exchange control regulations aimed at restricting the outflow of foreign currency. In this sense, and broadly speaking, specific require - ments are applicable to the inflow of funds, and the remittance of funds outside the country may, depend - ing on each particular case, be restricted or subject to the prior authorisation of the BCRA. Over the past year, the competent authorities have eased these restrictions, and it is expected that this trend will continue in 2026. At the end of 2023, the UIF issued Resolution No 1/2023, incorporating the risk-based approach into the monitoring of activities carried out by individu - als or legal entities managing fund remittances, both within and outside the national territory. This approach requires remittance operators to identify, assess and understand the risks associated with their activities, with the objective of adopting effective measures to manage, mitigate and prevent crimes related to mon - ey laundering and terrorist financing.
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